Under the tax plan from Democratic presidential nominee Joe Biden, people earning more than $400,000 a year could pay combined federal and state income taxes at rate of more than 62%. CNBC reported.
Source: CNBC: Under Biden Plan, Top Tax Rate 62% | Newsmax.com
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Anyone care to hazard a guess what this is going to do to the economy?
What incentive do “the rich” have to take risks and invest if the Gooferment is the majority stake holder in any gains and (probably imho) no stake in the losses.
I’d expect that investment capital to be redirected to real estate and hard assets for use after the collapse and inflation.
(And by the way, when the “tax increase” doesn’t yield sufficient “revenue”, I bet that 400k$ “ceiling” starts to drop. Just like the Gooferment ALWAYS does!)