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Tag: Taxes

Why Do Extremely Wealthy People Hate the Idea of Higher Marginal Tax Rates?

As I write this, Howard Schultz, billionaire and former CEO of Starbucks, is mounting an independent campaign for the presidency of the United States. And he seems to be running for that office because he’s horrified at the idea of paying a higher marginal tax rate on the part…

Capital is the Ability to Buy Other People’s Productivity

Roughly 1,000 news cycles ago—or at the beginning of January—Congresswoman Alexandria Ocasio-Cortez offhandedly proposed a 70% marginal tax rate on incomes over $10 million. The pro-wealth right wing responded in exactly the way that people expected. First, they deliberately misunderstood marginal tax rates. Second, they started complaining that a…

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