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Survey: Almost 50% of Americans Consider Themselves ‘Broke’
(www.marketwatch.com)
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this post was submitted on 13 Aug 2024
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The issue is that right now I'm willing to put in the extra effort for the return early in my career. If the government were to effectively cap income potential, some workers who would otherwise be more productive (or who perform a highly specialized service) will not bother, creating a labor shortage and increasing costs. Not a smart move if you're a country with an inflation problem that's been trending very close to full employment.
It would also make occupations like medicine that have long runways to earning even less attractive.
good thing people who are this productive tends to not be billionaires
Money is not the only motivator.
As well, someone in the top tax bracket paying 95% tax on their income over $500,000 is still making a lot more than someone in the bottom tax bracket paying effectively 0% tax.