[46493168]

> but who knows how long someone might be making that kind of money?

Would you mind saying a little bit more about your thinking here? A million a year doesn’t just sound like a lot, it is a lot. FRED reports the median income in Washington at just shy of $100,000 [0]. We’re talking about households that make 10x the median.

Also, what does it matter the length of time they earn it? If they don’t earn more than $1m, they don’t pay it, right?

[0] https://fred.stlouisfed.org/series/MEHOINUSWAA646N

[seiferteric]

There are plenty of ways that you might make a large income in a single year like selling a business you have spent years or decades building up. Your "income" for that year might be several million that year, but it took you years to "earn" it. In general I don't think taxing people that actually have to work for a living is a great thing, all you are doing is prolonging the amount of time they have to work to save enough to either retire or start their own business. I would prefer to shift taxes to cap gains (why do long term cap gains rates exist???) and corporate taxes as well as sales tax.

[thewebguyd]

> If they don’t earn more than $1m, they don’t pay it, right?

Correct, and for the times they do earn more than $1m, with this tax they are only taxed on the income over $1m and pay nothing for income of $999k and below. If you make a million and one dollars, you owe 10 cents.