Lets make fun of Obama while he is still relevant.

[David Horn]

(11-29-2016, 05:55 PM)Warren Dew Wrote: Not at all true.  U.S. tax burdens are comparable to western European tax burdens, and tend to be much more progressive.  Marginal rates for even a moderately affluent couple in some states can exceed 60%.  Perhaps you are forgetting that in the U.S., we have state taxes as well as federal taxes.

People in the affected categories tend to have deductions that lower their rates, so even a Manhattanite with a large amount of earned income will not be burdened as much as someone living an equivalent life in London.  Of course, most high earners tend to have unearned income, and that's a sweetheart tax deal that needs to end yesterday.

As to European rates, look here for a reality check.

Warren Wrote:From the standpoint of Picketty's theories, taxation of income is misdirected as it does not prevent concentration of wealth.  You might make some sense if you proposed eliminating the income tax and replacing it with a wealth tax.  Somehow the left never actually proposes things like that, though,  as they're in bed with the financial billionaires of the world.

Until Reagan cut top rates to the bone, this problem was nonexistent.  Very high rates tend to suppress outrageous pay packages in favor of other considerations.  Kennedy cut top marginal rates to 70%.  Prior to that, they were 90%.  No one gives a thought to going back to either, but current rates are too low ... especially for unearned income.