He’s got no problem paying more taxes so “his country will grow,” but once he hears the French president is suggesting a 75 percent tax on income of more than $1 million Euros, he balks.
If you think tax rates of 65 percent, 75 percent or even 90 percent are ridiculous hyperbole, it’s time for a gut-check. As a reminder, the highest tax rate in the United States throughout the 1950s and into the 1960s was 90 percent. Kennedy got those rates dropped to 65 percent and eventually Congress and Reagan got them down to 50 percent and 28 percent by the end of the 1980s.
Will Smith has no problem “paying more” until you actually start asking how much more he would be willing to pay. It’s safe to say 75 percent is out. From CNS News … after Smith acknowledged it would be appropriate for him to pay more…
The interviewer then said, “Do you know how much in France you would have to pay on earnings above 1 million euros [French President Francois Hollande’s proposal]? Not 30 percent – 75 percent.”
At that point, Smith said, “75? Yeah, that’s different, that’s different. Yeah, 75. Well, you know, God bless America.”
That’s different for sure.
OK Will. I think you’re a smart guy, why not head over to the IRS website, look at the numbers of taxpayers with an income of more than $1 million (about 320,000 families) and then calculate how much more revenue would be generated for the federal government if you – as an example – increased the top bracket on those millionaires by 5 percent?
Then tell me how many days the federal government would be able to run with that extra money. I don’t have the time to run the numbers again myself – I’ve done this in previous posts – but I would not surprised if changing the tax rate from 35 percent to 40 percent on income more than $1 million – something the left would consider a big win – would fund only a few hours let alone a few days.