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In fact it would probably take very little of their money, because few people who make more than $10 million a year receive it as earned income. This is why in the 1950s, when the top marginal tax rate was 94%, the *effective* tax rate was more like 45%.
I'm not opposed to @AOC's idea of creating more tax brackets that go up to 70%, but if we REALLY want to shift the tax burden to the rich, we should 1) raise capital gains taxes, 2) eliminate step-up in basis, and 3) end all income deductions that aren't targeted at the poor.
Also, this won't really make the tax code more progressive, per se, but: return-free filing. Now.
The way the government requires you to duplicate the work they already do calculating your taxes is ridiculous and wastes millions of man-hours every year.
The way the government requires you to duplicate the work they already do calculating your taxes is ridiculous and wastes millions of man-hours every year.
