Reply to Taxes - where should top tax rate be set and at what %?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]There should be a top tax rate for millionaires of 50 percent.   And an estate tax of 75 percent on estates worth more than $50 million.

No loopholes or deductions.  [/quote]

You can't just say "no loopholes or deductions." You'll just get families putting those assets into[b] trusts and limited partnerships[/b]. Those aren't going away, and you can't just take them away from one group of people.[/quote]

These are, in fact, loopholes.  Maybe they are untouchable ones, but in the make-believe world of "no loopholes" these would go away...or at least the ability to use them as tax shelters.

I do think that there should be a higher tax bracket starting at around $1M.  Tax rate is highly dependent on whether there actually are loopholes and capital gains etc, but I think 50%+ marginal rates at the highest levels make sense.  I think the US was most prosperous when those marginal rates were more like 90%, so this isn't the economy killer most people would make it out to be.[/quote]
Before my time (well, I was a toddler), but didn't the economy improve when JFK lowered the top tax rate from 90% to 70%? Leaving people with a dime for every dollar they make is a real disincentive to aspire beyond a certain level. I'd say 50% should be the maximum.[/quote]

PP,  the tax structure of the 60's cannot be limited in discussion based on rate alone.[/quote]

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