100% taxation would bring in $0 to the revenue because there would be no legal economic activity taking place at that point
In a short post methinks it unnecessary to state the obvious. The 100% rate is of course a hypothetical, intended to identify the outer limits of taxation potential. Leftists forget that there IS a limit to taxation, and to how much “the rich” could be soaked for; they argue as though “eliminating the Bush tax cuts for the rich” would be enough to resolve the deficit and debt, yet my latest number crunching and SWAGs conclude “soak the rich” would max out net revenue increases around $150B.
Yes, a 100% tax rate would net $0. Even stupidly not taking into account human nature, “soak the rich” has limits far lower than Leftists presume.