The top US federal tax bracket for 2023 is 37%. If that seems high, the top rate in 2023 in Norway is 55.8%. But that’s nothing compared to the top US rate in 1944: a whopping 94%, which was applied on all income over $200,000.
That’s equivalent to $3.45 million in 2023 income. Such a rate would raise a cry so loud that even I can’t advocate for it. So let’s compromise by keeping the current rate structure but adding one at the very top: a 100% federal income tax and capital gains rate on all income over $1 billion, ...
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