According to this article Sweden in the 1970's had a income tax rate above 100% which was

[aid632007]

According to this article Sweden in the 1970's had a income tax rate above 100% which was a 102% marginal tax rate my question is could a tax rate this high make the incomes equal and take all the wealth that the millionaires and billionaires have also I don't understand I have had people tell me tax rates on income can't go above 100% than I read this ?

Pomperipossa in Monismania
From Wikipedia, the free encyclopedia
"Pomperipossa in Monismania" (also called Pomperipossa in the World Of Money) is a satirical story written by the Swedish children's book author Astrid Lindgren in response to the 102% marginal tax rate she incurred in 1976. It was published starting on 3 March 1976 in the Stockholm evening tabloid Expressen and created a major debate about the Swedish tax system.

The marginal tax rate above 100% which was dubbed the 'Pomperipossa effect' was due to tax legislation which required self employed individuals to pay both regular income tax and employer's fees.

The story, a satirical allegory about a writer of children's books in a distant country, led to a stormy tax debate and is often attributed as a decisive factor in the defeat of the Swedish Social Democratic Party - for the first time in 40 years in the elections later the same year.

http://en.wikipedia.org/wiki/Pomperipossa_in_Monismania

[aid632007]

Could higher taxes on the Rich/Wealthy at the rate of 100% or higher really send the Rich to the Poor house Stephen Moore says it is possible ?

The vast majority of Americans don't want to tax the rich out of existence;

Why Is Bill Clinton Cultivating Envy?

by Stephen Moore








This article appeared on cato.org on July 31, 1997.

Republicans shouldn't have wilted so easily. They should have met the class-warfare argument head-on. This is not -- nor has it ever been -- a nation principally motivated by greed and envy. Most Americans don't hate rich people as much as Dick Gephardt apparently does. Americans don't begrudge billionaires like Microsoft's Bill Gates or Federal Express's Fred Smith their fortunes. The vast majority of Americans don't want to tax the rich out of existence; they want to become rich themselves.

http://www.cato.org/pub_display.php?pub_id=6111
Tax Cuts and Class Wars

by Rep. Ron Paul, MD

The class war tactic highlights what the left does best: divide Americans into groups. Collectivists see all issues of wealth and taxation as a zero-sum game played between competing groups. If one group gets a tax break, other groups must be rallied against it — even if such a cut would ultimately benefit them. Yet the class warriors forget that American wealth is not static, but rather very dynamic. Poor people become rich, and rich people lose all of their money. In fact, at no time in American history have more of the nation's wealthy earned rather than inherited their money. Rich family dynasties are increasingly rare, and are quickly destroyed by unproductive spendthrift generations. So when the left attacks the rich, they're attacking a fluid group that many poor Americans hope to join someday by moving up in life. Upward mobility is possible only in a free-market capitalist system, whereas collectivism dooms the poor to remain exactly where they are.

http://www.lewrockwell.com/paul/paul74.html

[AGRP]

Fire11?

[aid632007]

Sorry if Im posting a dumb topic but Im trying to learn about how taxes work and I find it hard to believe that the Rich won't be able to buy their big Mansions if their taxes are raised high ? My question is would a progressive tax rate of 100% or over 100% leave the Rich Capitalists without any money ?


http://en.wikipedia.org/wiki/Mansion

http://www.forbes.com/2011/06/10/mon...ons_slide.html

[roho76]

Sorry if Im posting a dumb topic but Im trying to learn about how taxes work and I find it hard to believe that the Rich won't be able to buy their big Mansions if their taxes are raised high ? My question is would a progressive tax rate of 100% or over 100% leave the Rich Capitalists without any money ?


http://en.wikipedia.org/wiki/Mansion

http://www.forbes.com/2011/06/10/mon...ons_slide.html

No. The rich always avoid paying through cronyism. Tax rates are for mundanes.

[karat32]

The Astrid Lindgren, Pomperipossa commentery piece is legit.