General Discussion
In reply to the discussion: Taxes are the price we pay for a civilized society. [View all]AnotherMcIntosh
(11,064 posts)wealth by means other than producing goods and services to make your life and the lives of others better, there are those within the super-rich ranks that will choose the former over the latter.
Somebody wants to produce goods and services to make your life better? Good. Give them deductions and tax credits for doing so. But if they otherwise want to hoard money so that it is not available to others who would be consumers, there is no rational reason to reward them for that type of greediness.
How do you motivate that type of greedy person who takes great pleasure in accumulating more and more, and with little or no regard for creating more goods and services? We know from the lessons of history that taxation of accumulated wealth works. If they won't spend money in meaningful ways to obtain business deductions and business-related tax credits, more progressive tax rates should be adopted until they are given financial incentives to produce more goods and services.
What should the highest tax rate be? I don't know. But if it was as high as 91% under Eisenhower, that's good enough for me.