What are the positives and negatives of a tax hike on millionaires personal income?

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ron j

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for example ....if any dollar they personally earned over one million dollars hence forth was taxed at 40% up to $ 3 million at which time any dollar over that would be taxed at 50%?

Assume of course that government would take necessary steps to prevent people hiding assets overseas and keep assets from fleeing the country.

So....then..assuming government can control the traitorous behavior....what would actually be the pluses and minuses of such a move?
 
Control the Traitorous Behavior - you are confused as to what the Constitution means and about the role that it states government will have.

If millionaires gave 100% the government would still cry they need more.
 
Let's assume that the group of fellows you are speaking about followed their American dream, worked one hundred hours a week, built a business that started in their garage. Then they brought in a partner, expanded to a local warehouse, hired a few more people. When the business grew, they expanded again and again, providing the local area with a source of employment.
Then they issued scholarships that sent local kids to school to become lawyers and CPAs and kept growing adding other plants in neighboring counties.
After years of struggle and hard work they have become millionaires, have been responsible stewards of their employees, providing scholarships, medical, dental , emergency loans,group savings on car loans through a company credit union, paid vacations.
Then along come the tough times, they are blamed FOR being greedy tyrants and their taxes which are paid up to date are increased.
Each dollar that they have donated to the company college fund will only return 28% shorting the fund for the scheduled scholarships.
One day the are all feeling sorry for themselves and the treatment they are receiving at the hands of the public that they have tried to serve and they say SCREW IT and shut their doors and set their sons up in the gold market or as community organizers or insurance providers.
What then?
 
a wasted amount of time. don;t you think that they have already put their money in safe keeping. same with barry. i suppose his has been out of the country for a log time
the tax stuff to the millionaires means nothing to them. that's just spare change to them. they have so many loop holes that what they are taxed is very little.the middle class is the hardest hit .
and now they will be harder hit than ever before. why would the government want to get into that subject heavily when they do it too
 
It depends who the millionaires are. If you are talking about those who have made a huge fortune by failing and by swindling the population, such as the Lehman Bros in USA or Sir Fred Goodwin the failed bank Chairman of Royal Bank of Scotland there is absolutely no good reason why a 99% windfall tax can not be imposed on their assets because they have swindled the taxpayers of billions and the taxpayers should get that money back. If this means these people end up destitute that would be something we should all be delighted about.

Regarding heavily taxing successful entrepreneurs, the only negative consideration is that if they are earning wealth for the state and providing jobs for many they may decide to move somewhere else, which could be for the disadvantage of the population.
 
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