It’s too late to tax the rich

Mon, 02 Nov 2020

So, the top income tax rate is going up to 39 percent for the tax year ending March 31, 2022, though only on the top two percent of earners, being those pulling in pre-tax incomes upwards of $180,000 a year or more. What will be the net effect of this?We can predict an immediate sizeable jump in the taxable incomes of the very top income cohorts: the 40,000 adults within the top one percent, and especially the 4,000 of those at or above the top 0.1 percent, or one thousandth, of the distribution. How do I know? Because that’s w...

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