Everybody here is saying that a 75% tax is a barrier to entrepreneurship and will make most rich people flee.
Did you know that the federal income tax rate in the US was 91% on income over $200,000 (approx. $2.5 million in today's dollars) between 1946 and 1962?
Did it cause a great exile of brains and innovators?
I'm French, there's a good chance I will make more than 1 million a year in a few years, but I still welcome this 75% tax. Millionaires build their fortune on the shoulder of many people who implement their ideas, and thanks to a functioning government and a safe environment, which is payed for by taxes.
Also it's not as bad as it seems. If you earn $1'000'001, only the $1 dollar above 1 million is taxed at 70%. Plus, it is in fact a 50% tax which when social security charges are added reaches 75%
Thanks for posting!
I find it so annoying that all the people foaming at the mouth about this tax are those who will never be affected by it. Armchair libertarians on this forum, by reading some of those posts.
I'm also a reasonably high earner here in the Netherlands, and I am very happy paying the high income tax here, because the government in general provides fantastic infrastructure and a safe, secure society. Sure there are problems here but in general I feel like my tax euros go to good use.
There are definitely taxes I do oppose here -- there's a nasty double taxation scheme on savings and assets worth more than 21k, where you pay a 30% tax on a nominal "assumed" appreciation of 4% -- so it's only 1.2%, but that's slapped on all of my savings above 21k euros, and on the value of my house every year if I own it. Now
that is bullshit.