From one of our members, Khanh B. Nguyen:
Small rant for an early Sunday morning: I rarely read the Wall Street Journal editorials because it is infuriating seeing smart, privileged people make transparently bad excuses for their basest instincts that include greed and prejudice.
But couldn't resist reading this stirring defense for not raising the TOP tax rate, with the bill in Congress. Some quotes:
"Raising the top marginal tax rate harms the incentive to work and invest. People don’t work to pay taxes. They work to contribute to society ... but also to make money to spend, ... or pass on to heirs." Yes, pass on to heirs.
"The current top marginal rate of as high as 44% already means that Uncle Sam takes nearly half of what a millionaire earns. Add the state tax rate of 13.3% in California and it’s approaching 60 cents on the marginal dollar. The incentive to work those extra hours, write the next book or postpone retirement is substantially reduced." Write the next book 🙂.
I would like to meet that millionaire who has to postpone retirement to pass on an extra $10 million to heirs.
If someone can no longer find the will to work because the next million will be taxed at a higher rate, it is ok, a few millions is probably enough.
If others continue to work to make even more money, but just really annoyed about losing some cash, my sympathy goes out to those closest to them.