I cannot possibly imagine having to pay THE MAJORITY of your hard earned income from likely something you worked your whole life to build and succeed in, likely hiring thousands of not tens of thousands of employees, giving them paychecks etc. so they can take care of their families and live life....
No matter how successful you are. There’s something very wrong with not receiving even half of what you yourself earned. Like what. I’ve always felt this way, and to be fair it’s more of the psychology that bugs me. Like 49% would be one thing (still absurd), but 50%+.. despite the 1% difference, to me its a game changer. And not in a good way.
(Federal + state in many. One article said Californians would pay about 56% take after federal and state, New York like 52)
It’s one way to kill the entrepreneurial spirit and continued motivation to push your boundaries and accomplish truly great things. Talk about a buzz kill. They can just say alright peace out, was fun while it lasted. I’ll be on my island chillin.
Not even to mention how truly rich people tend to have all the good contacts and whatever to just take their revenue offshore to a tax haven shell or something and essentially not give our country scraps unless they absolutely can’t get around it. Which they will.