I don’t know enough about economics to weigh my part in a very relevant debate on the politics of today. I saw a video online of millionaire “peter schiff”, claiming that if taxes on the income of millionaires was raised to 74% on income above 2 million dollars, the rich would simply stop working, go on holiday and come back next year. Leaving people with no jobs and no income. How true is this? I’m trying to understand would millionaires and billionaires actually just stop working or is it nothing more than a threat to hold control? I’m not trying to spark a debate on the possible rights or wrongs of higher taxes for higher income earners.
Thank you
Posted by Ca1ummm