A happy medium includes guillotines, taxing wealth is literally the least we can do .
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Could you imagine making $2 million a year and wishing it was MORE?? (Assuming you're going to be making that for many years to come, not like a one-and-done).
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Ok. I don’t disagree. Middle and low income pay the vast majority now. And I know you’ve got this a million times before. But I haven’t seen it so I’ll ask.
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The vast majority of people making more then 200k at that time were business owners. It made sense for them to invest more money into the business like paying higher wages to avoid taxes. None of that incentive remains today
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Basic Income. End means testing and asset limits for the elderly and disabled.
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It was also the peak of the middle class and union membership, as I recall. Funny how no one clamoring to make America great again wants to bring any of that back. All these people clamoring for “the way things were” just want women and black people to remember their place.
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Robust inheritance taxes are needed. I prefer inheritance taxes to estate taxes because tax income per person. Let a woman with 20 grandkids leave them each enough to pay for college (~$250k each), but not leave the same total ($5MM) to one grandkid tax-free.
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I agree with you, but the ultra rich don’t make their money from “income” that is taxed like that. We need to close cap gains loopholes and all the other bullshit they use to launder their money.
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Though worth noting that the 91% tax rate was rarely actually used because it was mostly a stick used to drive investment because the only deduction you could apply to it was substantive reinvestment in your company or employees (not buybacks). We should bring that back too.
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