Kenneth416 wrote: While I will not be affected by the increase in the marginal rate of taxation of salaries and wages from the current 35% to 39.6% (as under the Clinton-era), I doubt that it will have a serious effect on the behavior of the highest earners. Note that, for a high earner who earns $1M, the additional income tax will be only $46,000, less than the cost of the luxury Mercedes or Lexus he or she drives (and which is probably provided by his/her employer, anyway). The real bite comes in the tax on Dividends and Cap Gains, where the...
"And you just can’t dismiss that still peasants in the rural countryside in China make $3 a day, while metro-dwellers make $30,000 a year" And the workers in factories of multinational corporations do not make much more than the peasants, nor do they enjoy the kind of safety protections workers in America take for granted.That is why so many jobs have been outsourced to China and other countries with similar working conditions. China today is better off than it was when it was truly communist, but on the other hand it is a corrupt authoritarian regime where members of the Communist party and their relatives enjoy all the privileges. Same true for Vietnam.
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