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At the recent World Economic Forum in Davos, Switzerland, a panel moderator asked Michael Dell, America's 17th-richest man, what he thought about the idea of raising the top marginal tax rate to 70 percent.
This idea has been in the headlines since Rep. Alexandria Ocasio-Cortez floated it in a 60 Minutes interview on January 6 as a way to pay for a Green New Deal.
The Davos panel found the question hilarious. When the laughing died down, Dell, the founder and CEO of Dell Technologies, dismissed the idea out of hand, claiming it would harm U.S. economic growth.
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For Dell's Billionaire CEO, Taxing the Ultra-Rich is a Joke
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The last time I saw him he was walking down Lover's Lane holding his own hand.
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(Score: 4, Interesting) by NewNic on Friday February 15 2019, @08:06PM
Because of the Constitution requires apportionment of direct taxes among states by population. There is an exception for income taxes.
Under a wealth tax, poorer states would have to pay the same amount per person as wealthier states, which would mean higher effective wealth tax rates in poorer states.
lib·er·tar·i·an·ism ˌlibərˈterēənizəm/ noun: Magical thinking that useful idiots mistake for serious political theory