Progressive Taxation Act (Failed)

[Fmr. Pres. Duke]

75%???

[Fmr. Pres. Duke]

I could read that whole post, but it's just a waste of time. It don't believe it's the government's job to limit richness, and they'll find a way to avoid this anyway. I probably would have a problem voting for any tax over 50% and this is just way too high. I hope my fellow senators join me in rejecting this bill. It'll do this country no good, and I doubt there will be any substantial revenue increase to offset the horrible PR this would bring.

[Fmr. Pres. Duke]

Who's Jake Matthews? And why is he posting in the Senate now?

[Fmr. Pres. Duke]

Who's Jake Matthews? And why is he posting in the Senate now?

I just thought I'd give my two cents on the bill, sorry if I am unwelcome.

No, you're welcome to, but well, I don't know.. You certainly are enthusiastic.

[Fmr. Pres. Duke]

There comes a point where the marginal revenue that comes from each percentage hike on the income tax becomes negative. At 75%, I think it's safe to say we have a negative return without running the math.

If one studied the history of the income tax in the US, they could see that revenues grew under President Johnson after he lowered taxes, and it against happened under Reagan. Raising the rate to 75%, albeit on $4M+, encourages more tax evasion and will most likely have a negative impact on the economy. Now, I'm all for lowering the deficit, and we do need to keep it in check, but there are additional alternatives we can explore opposed to this. I doubt it will raise much revenue and will draw the ire of the public.

[Fmr. Pres. Duke]

You guys keep ignoring my post, which Franzl echoed. It'll save you some time. After all, I'm an economics major.

[Fmr. Pres. Duke]

What is the capital gains rate in Atlasia? I don't think it needs to be higher than 20% or so and less than that for lower income brackets.

I'm going to ignore Antonio's comment because it really isn't something new for people to make money off money. If that is going to become illegal, well, we might as well shut this place down.

[Fmr. Pres. Duke]

Give me a call when this is up for a vote. Frankly, I'm sick of debating on it now.

[Fmr. Pres. Duke]

Nay