this post was submitted on 15 Jan 2024
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Edit: I didn't realize it said you would be taxed 70% on income above 10 million, I was thinking it was 70% of 10 million. Yeah 10 million (or 6.5 after normal taxes) in one year is plenty.
I think America is fueled by the dream of "making it big". I believe we should all have that opportunity and so I think these income taxes should take effect on the second year that your income exceeds the threshold, but that you should pay a lower rate for the first year. People invent things, they write stories, make movies, win at gambling... Those people should be allowed to enjoy their success, not be punished because their payout came all in the same year.
Yeah for some poor sod who wins the lottery, publishes his banger novel and gets his oscar worthy multi million dollar movie into cinema and therefore gets an income above 10 million $ that year, I don't think he will be signficantly hurt paying 70 % tax on everything above those 10 million $.