ECONOMICS PROFESSORS:
Ninety percent income tax rate would help the rich.
[A] rate “between 85 and 90 percent” makes everybody better off, including people in the 1 percent. “High marginal tax rates provide social insurance against not [Huh? -ed.] making it into the 1 percent.” ... [T]hey would primarily fall upon “celebrities, sports stars, and entrepreneurs — people with innate talents that are hugely rewarding, but only for a short period of time.”
Uh, right. So what happens to those 'hugely rewarding for a short period of time' earners for the rest of their lives?
If marginal rates are ratcheted sky-high for top earners and low for everyone else, then there is a better than average chance that a typical American will pay very low tax rates.
Yes, there's a better-than-average chance that a typical American will remain poor.
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