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Should we levy a 90% tax on the wealthy? Watch

    • Thread Starter
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    What do you think?
    • Very Important Poster
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    Stupid idea.
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    (Original post by Iridocyclitis)
    What do you think?
    no because for my simple and selfish reason. I don't have any money at the moment, but I want to be rich, I want to be successful. I will be rich and successful.
    So why would I want 90% of my money going towards tax? I'd just move to another country. Which would mean UK will be missing out income from my tax and they would lose a business.
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    Don't be ridiculous
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    And on this note I think it must be bedtime
    • TSR Support Team
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    You're proposing something so beyond stupid and ludicrous.

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    No, I support meritocracy.
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    what would be the point?
    all the wealthy people would leave the country, and tax revenues would significantly decrease
    and with the incentives of being successful plummetting, innovative businesses would become much more sluggish and inefficient, which, again, would strangle the economy...

    socialism has been tried so many times - yet you're saying "aww hell, let's try it just one more time!"? the definition of insanity applies.
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    I'd be pretty pissed off at 40% tax let alone 90%.
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    Overkill.
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    I'd personally like to see it go down to a top rate of 30% - plus lower corporation tax for small businesses and larger business that are recruiting
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    No, unless you are referring to inheritance tax.
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    (Original post by Iridocyclitis)
    What do you think?
    No, there is something called the Laffer curve which shows after a certain optimal point, tax revenues heavily decline as labour will move to countries where the tax rate is cheaper. Therefore, you will likely just penalise the poorer people in the labour force while the richer would just relocate elsewhere.
 
 
 
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