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Here is today’s least surprising headline:
According to the Washington Post, Michael Dell was asked what he thought about a 70 percent tax rate on income over $10 million. However, the audience “burst into laughter” before he could answer.
Eventually the answer turned out to be—wait for it—no! And all the other billionaires hated the idea too! Imagine that. However, this was not—not not not—because they are greedy and want to keep all their money. Heavens no. Scott Minerd, chief investment officer of Guggenheim Partners, explained: “It affects the people that have the most money, and they will start allocating capital in a way that is less efficient and will bring down productivity.”
So you see, low tax rates on the rich benefit us all.