Source: A rich guy’s case for higher taxes.
To give you a little background on the rich guy this article talks about here is a quote introducing piece.
Like Warren Buffett, David Levine — retired executive, student of the federal tax code and very rich man — is begging the government to raise his taxes. Here, he explains why.
David Levine spent his life in the corporate world studying the federal tax code. If anyone knows about its effect on the prosperity of the country it is probably him. He retired in his forties and flatly states he might have worked longer and produced more if he had been taxed more. Here is one of the most telling quotes from the article.
It would be one thing, Levine says, if the economy had performed so much better after taxes on the rich were cut. But it didn’t. Some of the fastest economic growth of the post-war period came in the 1950s, when the top tax rate was above 80 percent. The slowest growth came in the 2000s, when the top tax rate was 35 percent. So the fastest income growth for the top 1 percent has come under the low-tax regimes, while the fastest income growth for the median American came when taxes on the richest Americans rose.
My Republican friends love to constantly state that if we dare to raise rates on the rich we will shut down our economy. One of the experts in this field says that in not true and history proves him out.