Thursday, March 5, 2009

All of civilization is riding on a <5% difference in the top marginal tax rate

I guess it's not wise to take these things too seriously, but honestly:

“People are starting to feel like we’re living through the scenario that happened in ‘Atlas Shrugged,’” said Campbell. “The achievers, the people who create all the things that benefit rest of us, are going on strike. I’m seeing, at a small level, a kind of protest from the people who create jobs, the people who create wealth, who are pulling back from their ambitions because they see how they’ll be punished for them.”

In Rand’s novel, creative people (the “Atlases” of the title) are hounded and punished for their labor by an oppressive, socialistic state. In response, they retreat from society to a hidden enclave where they watch civilization’s slow collapse.

Look: Obama isn't seizing haciendas and turning them over to The People. He's increasing the top marginal tax rate from 35% to 39.5%. He's increasing the capital gains tax from 15% to 20-28%. As for the top marginal tax rate, it is still very low by historical standards:


I mean, if this is end-of-the-world socialism, then what do you call 1960, when the top marginal tax rate was 90%?

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