This happened with the exchange that I posted under the headline, An Exchange on Immigration (With Some Whoppers), the two I had the exchange with has no data to back up their extremely serious charges.
Now comes a commenter at the post, Poll: A Majority of Americans Support Raising the Top Tax Rate to 70 Percent, who writes:
I suspect you'll find those numbers shrink dramatically when they find out they are included in "the rich List"Puhleeze, AOC is calling for a tax of 70% on those earning above $10 million.
According to the IRS, only 16,027 taxpayers had income of over $10 million in the year 2016 (The last year data is available).
In a country where you had 137.5 million people vote in the last presidential election, 16.027 people are going to amount to exactly zero impact.
At some point, other taxes may be raised, but AOC is too slick to frame it as an additional tax on the masses and that won't happen right away. But her call, judging by the poll numbers, to tax incomes over $10 million by 70% is a winner with the masses. If she sticks with that, top earners are eventually going to be paying major new taxes.
There is no secret group that is going to figure out they are on the 70% tax list that would able to shift the vote.
-RW
However, once those 1%ers find out their top tax rate goes up to 70%, I'll bet a significant percentage of them decide there are better places to live than the US. There is an old rule that if you want less of something, then tax it. Be careful for what you wish.
ReplyDeleteMaking false inferences from data is as bad or worse than having none. Of course the Keynesians dont think so.
ReplyDeleteUPDATE:
ReplyDeleteThanks to all of you that pointed out my percentage for the number of Americans that paid taxes over an income of $10 million was off. It turns out that my calculator blew up with how tiny the number is--a percentage that goes to the 10 5th power before you get a non-zero number, so I am just going to leave it with the absolute number:16,027.
Every single time the masses vote for higher taxes for the "wealthy" and every single time it comes back to bite them on the ass. There simply are not enough wealthy who will sit there and be fleeced to raise enough revenue. So it always comes back down the middle and upper middle classes.
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