Richest Man in France Seeks Belgian Citizenship

[SamuelRSmith]

nuckles87 said:

man-bear-pig said:
Woah 75% is insane. No-one is gonna pay that, it'll just vastly increase the already high levels of tax evasion amongst the rich, and total tax raised by govt will probably fall

75% has been done before, in America, during some of our strongest economic booms.

"I don't know, worked pretty well in America through the 40s, 50s, 60s, and 70s when our top marginal tax rate sat between 94-70%. In the past high marginal tax rates would merely force CEOs to reinvest and grow their own companies rather then take the money for themselves. I know my grandpa had no problems growing and maintaining his personal wealth under these kinds of tax rates."

 

People didn't pay those taxes, brah. Capital gains was only 25%.