and that would, of course, cause income to fall as people realize they are at best treading water and strive to earn less or move their incomes offshore or leave the country themselves. Tripling the rates would make for a "shortfall" which would have to be made up by doubling them again. Anyway, what is triple 39%? How about a 100% wealth tax? If that brings in x trilion dollars then it could be done every year and Uncle Sam would surely be out of the financial woods, no?
Rush said something like this years ago. If you make a million dollars and the tax rates go to 90%, you’ll only work until you make 100,000 the next year and stop. Who would be stupid enough to work to pay at 90%?