What should taxes be?

Quote: Gandler

But, to answer the original question I think 40% is a very fair for a top marginal tax rate -its actually lower now- (personally I think closer to 50% is still quite fair, especially compared to other countries....). For a 40% top rate does not mean you pay 40% on all of your income (only on income over the threshold, 500kish, your first 10k is only 10%, then 22% for 40K etc....) The progressive tax system is actually pretty genius because everyone is liable for the same rates for the same portions of their income....
If you are not happy with state/local taxes, there are 49 other states (some with no tax) and several territories and protectorates to choose from....

You think stealing 40% of what someone makes at just the federal level is "fair?" Holy cow! That is just plain selfish and greedy.

I think we'll see the taxes increase now for the 6-figure+ income folks, like it or not

Usually, at least in the past, this means politicians will be enticed to write new special ways to shelter income, making the tax code very complex, and savvy rich people who hire advisors will not actually have to pay as much as it seems they do. I don't see why now now would be any different.

the big battle to fight now is against those who are going after wealth generally. In other words, over 50% of the income of the high earners [all taxes all together] is not going to be enough for some of the progressives who are pushing this. Wealthy people will be forced to cash in some of their assets to increase what the state will get.

I've long said this is one big difference between mere socialists and true communists. The communists go after the assets too, not just income redistribution.