Hagrid, I think those are marginal tax rates.
As marginal tax rates, those still make zero sense. At some point of increasing the marginal tax rate, the revenue is going to be lower than the additional dead-weight loss.
I know you all hate rich folks, but having a 70% tax rate is just cutting off your nose to spite your face. The total effective tax rate should never be greater than the revenue maximizing point.
I concur. While the Laffer curve has been misused quite a bit, it's absolutely true that people with means will seek to avoid taxes as rates increase. Unfortunately, the hard left's desire to see high marginal tax rates is less about maximizing revenue and more about punishing the rich.
Have you ever considered that the hard left's desire is rooted in ignorance of tax policy?
