Biden's new tax plan would push top individual income rate to highest in developed world

[libertybele]

ABOLISH THE IRS!!!!!! ABOLISH THE IRS!!!!   

Biden's new tax plan would push top individual income rate to highest in developed world

The U.S. would have the highest personal income tax rate in the developed world under the newest White House proposal that would dramatically raise the rates paid by well-off Americans.

The budget blueprint that President Biden unveiled last week includes several tax hikes on the ultra-wealthy and corporations that would push the top U.S. rates on both individual and corporate income to the highest level in the developed world, according to a new analysis published by the nonpartisan Tax Foundation.

The Biden team's proposal would raise the average top tax rate on personal income to 57.4%, the steepest rate in the 38-member Organization for Economic Co-operation and Development...............

https://www.foxbusiness.com/politics/bidens-tax-plan-income-rate-highest-world

[Kamaji]

Otherwise known as the "No Accountant Left Behind Act" because it will suddenly become worth it for wealthy individuals to pay accountants and tax lawyers for structuring advice on how to reduce their tax bills through, for example, tax shelters.

It will also cause a number of individuals to expatriate and leave the U.S.  This will be a particularly advantageous time for them to do it if stagflation has temporarily reduced the market value of their assets, because it means they will leave the U.S. with a smaller "exit tax" liability than they would otherwise have suffered.

Since the IRS is required to publish (quarterly, I believe) a list of people who have expatriated, it should be possible to measure the effect that way.