In 1964 the top tax rate was 91%. That was under the current tax system. What's to stop congress from raising it to 91% again?
No matter what system we have, congress can raise the tax rates.
The problem many are having is introducing a new national sales tax. We know how a Democrat Congress will increase that until it’s 50%, nice and incrementally.
In VA for generations we had a ‘car tax.’ You paid a % of your car’s blue book value every single year. Jim Gilmore came along and ran on a slogan to kill the car tax (he won handily, so unpopular was that tax). The state legislature (R dominated) knocked it down to near nothing, but the tax stayed on the books. It’s now got a new name, but we’re back paying a car tax because the legislature refused to kill it.
So, many of us question introducing a whole new tax that can be taken full advantage of by a future D-dominated Congress. And they’d do it on top of a hefty increase to individual income tax. You can bet on it.