Interesting thought for the day

Nate Silver writes:

...today, the threshold where the top tax bracket kicks in isn't $75 million, or $5 million, or even $1 million ... it's a mere $357,700. The progressivity of the tax code stops there.

This is actually a pretty stunning observation: all income over $357,700 is taxed at the same rate as income over $1,000,000, which in turn is taxed at the same rate as income over $10,000,000 and so on.

I remember in Junior High reading that Huey Long had once proposed taxing income over $1,000,000 at a rate of 100%. It's not an idea that would gain any traction today, and most likely should not. However, it is peculiar that in a country with a system of progressive taxation, we don't ask more from those whose yearly income would allow a person to live a lavish lifestyle and never work another day in his life.

(Via Andrew Sullivan)