Reply #31: There comes a point where excessive taxes are a disincentive to earning.

[MercutioATC]

Hell, I'm retiring in seven years and I'm moving to Costa Rica...in part, to minimize my tax burden.

People with more money and, therefore, more mobility can easily do the same.


Consider one of the main problems with welfare. Due to the income cutoffs for benefits, people are sometimes penalized for working. If they don't work, they can get by. If they work at all, they lose more benefits than their income makes up for. Excessive taxation can lead to the same thing...a disincentive to earn.

There's absolutely no reason to soak the wealthy. Raising the top brackets slightly and adjusting some deductions would be sufficient.