Current and proposed income tax laws are based on the concept of progressive taxation with a few discrete tax brackets. Obama and Boehner are arguing over setting a threshold at $250,000 or $1M. It would be much more fair if taxation were continuously progressive, using a simple exponential curve calculated to raise the necessary revenue. The truly rich would then contribute their fair share. Capital gains and dividends should also be taxed progressively. There is huge difference between $1M and $1B. Under truly progressive taxation, multi-millionaires and billionaires would contribute greatly to the economy without feeling any pain.
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