"trickle down theory" seems obviously correct to me. Like, if a person has lots of money, it's stupid to sit on it - they invest it, found businesses, hire people, buy things - all of which are putting money back into lower tiers of the economy to me. Am I missing something big?
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Most wealthy industrialized countries use a progressive taxation model more closely resembling the US tax model under FDR, Eisenhower, etc. so I wouldn’t doubt that global middle class strength is growing. That is not the case in the US though. https://taxprof.typepad.com/.a/6a00d8341c4eab53ef022ad3e4d123200b-popup …
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Around 1982 the top marginal tax rates were cut from 70% on income above 215,000 to 50% and then to 28%. The effect was the ultra rich became much richer and the government increased its budget deficit and, to remedy, cut programs and shifted the tax burden onto the middle class.
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