Why is it that when FDR was President and that tax rate on the Rich was 90% how come the Rich did not become P?
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Why is it that when FDR was President and that tax rate on the Rich was 90% how come the Rich did not become Poor ?
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Answer:
I guess you never heard of something called "The Great Depression." Could that 90% tax rate have anything to do with it being so great and lasting so long? And I guess you think that when all of those people were unemployed (did poor people have to lay them off?) and not buying anything (did they stop buying from other poor people?) had no effect on the Rich who owned all of the businesses that closed.
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Other answers
Partly because they were rich prior. If you're making 10 million a year, and pay 90% in taxes -- you're still left with at least a million. This doesn't account for the pre-tax money you already had. Essentially, if the rich have a good cash flow they have little to worry about -- even at 90% tax rates. When a depression occurs the rich are hurt as well, but usually have enough assets/different funds to ride through an economic storm. However, no body likes paying taxes. From the rich down to the poor. The benefit of the rich is that they have more options of fleeing the high taxation by leaving the country (a bit harder now, but still doable).
they probably stopped working so they wouldnt have to pay taxes, or found loopholes to not pay taxes.
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