Dave Rosenberg today takes a look at the likely future for U.S. personal income tax rates:
Folks, look below at the chart of what the U.S. top marginal tax rate did from 1932 to 1940 (25% to 80%). It shows who paid for the New Deal and there can be little doubt that something similar is going to happen this time around —especially since Obama is running deficits relative to GDP that are double what FDR ever ran to “save the system”….
Believe it or not, at a town hall meeting the President actually said:
“We don't begrudge success fairly earned. I do think at a certain point you've earned enough money.”
Sounds to me as though capitalism is going to be taking something more than just a sabbatical.
via GluskinSheff.com