>>SNIP
>>
>>>As a Federal income tax (i.e. not an accumulation of all of the taxs/fees paid to the various government levels) I think 55% maximum is realistic.
>>
>>55%? You're kidding, right? You think it's acceptable to pay 55% of your income in taxes? I wouldn't even think that if the benefits included full medical (no copays and no deductibles and no max benefit) for every person.
>
>Please, note that Jim proposes 55% for Fed income tax only. Total number could easily get to 75% now.
>Jim, you did not answer about chances to adopt the cap. What is your opinion? Btw, I would discuss the issue in broad aspect, not as just related to USA or to Canada only.

I understand that there are (or have been) countries where even higher tax rates exist(ed), so it seems to me that there are places where no "cap" would matter.
But I think that U.S. or Canada citizens wouldn't let a "cap" be exceeded.

And let's not forget that a tax rate (for a rich guy) of 55% is not really 55% because it is a graduated scale. As JakeS calculated, the "28%" tax rate for a couple earning $150,000 is really 21% when the scaled values are applied.

I understand that lots of European countries have higher tax rates than the U.S. They ALSO have a handsome VAT that is paid on every purchase made. Yet they complain far far less than Americans do.