Do you think a 70% tax rate will crush the economy?

Question

Elect Obama, pay a 70% tax rate. It's scary, but it's definitely possible. Remember to triple the amounts of the tax table under the Carter administration to bring it to present day values.

Source:
http://www.taxfoundation.org/ add /publications/show/151.html

Anonymous · Accepted Answer

Why stop at 70%, let's go for the FDR range of the 90%.  That would really be progressive and we could get the redistribution done much quicker.

? · Answer

A 50% tax rate will and that is more accurate. Top rate 40% then figure in state and local taxes, property taxes, sales taxes, and whatever other taxes they charge. Like the taxes on your electric, gas and cable bill.

Anonymous · Answer

Yes

Colette Pioline ART · Answer

Nobody is proposing a 70 percent tax rate.

Anonymous · Answer

No because he is only taxing the 5% of the most wealthy in America.

Anonymous · Answer

Where have you been? The economy is crushed. The government is giving money away....think creating mega-debt is any different then raising taxes?

ArmBar · Answer

I didn't see that in your link?

Carl Marks · Answer

Lets make up stuff and then use it as a straw man.

I'm more worried about McCain's plan to eliminate Social Security and Medicare and use the money to fund the war in Iran.

Anonymous · Answer

The One will fix it. You will want to work for no profit for the good of the Lord Obama

Anonymous · Answer

will hurt but not crush the economy.

they said that if gas goes to $3 a gallon, the economy will stop.
it didnt.

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Do you think a 70% tax rate will crush the economy?

17 Answers