I didn't say anyting about keeping people from getting wealthy. I suggested that taxes on the uber wealthy should be much higher. so what gives them the drive to produce? The exact same thing that gives them that drive now. Doesn't matter if it is pride, or greed, or just the love of what they do, they would keep doing it regardless of what the tax rate is. People don't start businesses with the expectation of making hundreds of millions of dollars. I started a business some 22 years ago and while I may have occasionally daydreamed about becoming rich, becoming rich was never the driving force behind me starting a business. I started a business because I wanted to work for myself. Nothing more, nothing less. It wouldn't have mattered if the top tax rate was 1% or 99%, I still would have started my business. When you talking about starting businesses, what you miss is that people who mearly own shares of someone elses business are only taxed at 15% while people like me who actively manage their own business are ALREADY taxed at a top rate of 35%. So if paying higher taxes was a disincentive to start businesses, no one would have started a business during the past few decades. Obviously people did start businesses, so your theory is shot all to hell.
And who would want to be a doctor? I guess the same people who want to be doctors today. I NEVER suggested a higher tax on doctors. You see, doctors arn't rich. The averge GP only makes about $120,000. Thats less than half way to the top tax rate (which I would move up even further to at least $400k). Even the average doctor specialist only makes about $400k. Heck, if I had my way I wouldn't even start taxing income until we hit $400k or maybe even higher. Just to put into perspective what rich really is, top compensated hedge fund managers can make more money in a year than all the doctors in a mid sized hospital will make in there entire lifetimes put together. Bernie Madoff STOLE more money in his career than probably all the doctors in an average STATE would make in their entire lifetimes.
Now since we have moved on to looking at economic history, the best time in history for our economy was during the 1950's when we had a top income tax rate of about 90%. Of course conservatives don't like to study history - it doesn't tend to favor their arguements.
The very wealthy would only flee if we had a tax on wealth. I am not suggesting a higher tax on wealth, I am suggesting a higher tax on income. Now if you think that the uber wealthy can give up US citizenship and find a country with no taxes, like hmm, Somolia, and have a better life, then more power to them. Whats odd is that we already have higher taxes than some countries, but most of those countries are not exactly desireable countries to live in. Most desireable countries have tax rates about the same as ours or higher, even much higher. So why arn't our richest citizens fleeing the country like crazy? Why is NYC full of rich FOREIGNERS?
