There used to be a 91% tax rate. Nobody paid it because there were always bought and paid for tax loopholes in the system.
No one will pay it now for the same reason.
There is a reason why Warren Buffett will always pay lower taxes then his secretary. It is not a nice reason but it is a real one that must be faced.
So relax. The billionaires will be just fine.
It is the rest of us who will be up the creek.
And while people like you keep on saying Trump is...(Fill in the blank) The truth is that Trump is not any of those people. He is himself. And so far that has worked out pretty well.
Actually, I didn't call Donald Trump "Ross Perot 2.0", which would certainly be an insult to Trump, rather I called Perot "Trump the Elder", meaning pre-Trump, or proto-Trump, or since this is Easter, if I dare to suggest, Perot was sort of a John the Baptist, pointing toward the coming One.
No insult to Trump intended there, just the recognition that Trump and Perot share some of the same message and same supporters.
I've also expressed my concerns that Trump not "pull a Perot", meaning go nuts at the end, turning the election over to yet another President Clinton.
Key fact: as of a couple days ago, Trump has won 53% of the delegates, meaning more than Cruz & Kasich combined.
If that holds up, then we need to begin thinking in terms of Nominee and eventual President Trump.
I'm just saying...
Sure, but that was back in the days before increasingly massive Federal spending on welfare and debt interest.
Indeed, the reason Bernie-baby-Bern proposes 90% is not just "fairness", he also needs the revenues to pay for his "free everything" campaign promises.
So, don't expect the future to be like the past in this regard.
Instead, if Democrats gain enough power to impose such a tax, they'll also make sure that enough of it gets collected to pay for their giveaway programs.