Saturday, June 20, 2015
90% income tax for the top 1%?
I just had one of my usual eighth-grade math flashes.
The way things are going nowadays the top 1% will continue to garner 95% of all income growth to themselves into the foreseeable future. In 25 years per capita income should grow 50% -- meaning top 1% should go from 25% of today's 100% to 75% of tomorrow's 150%. 40 or so years down the road top 1% incomes should take 125% of 200%.
Just tax future top 1% income at 90% -- we have 99% of the votes, don't we? -- and redistribute to government programs (e.g., health, education) and/or helicopter money, etc., whatever -- and we should all live happily ever after.
Come to think of it we could start that 90% tax today (say on income over $2 million).