One of the arguments against raising the tax rate on the top bracket is that the very rich will claim their citizenship to be of another country that offers a lower tax rate. The reasoning is that the U.S. will end up with less dollar revenue after the tax rate is raised than at the current rate. Should we pity them because they will be able to afford merely a 40-foot yacht instead of a 44-footer?
I am a World War II veteran and have flown 35 missions over Germany as a lower ball turret gunner on a B-17 bomber. I receive a disability pension of $129 per month. I'll bet I could talk some of my buddies into going in with me and contributing our earned pension money.
Then, perhaps one person could afford their 44-foot yacht and choose to stay as an American citizen.