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Another one of the biggest differences between now and the past is the top marginal tax rate. 60 years ago it was 91% (under Eisenhower!)… today it's 39.6%. And that is definitely also a reason for inequality.
Although tax rates were higher then, the amount of tax people actually paid was much lower than the tax rates imply, because the tax code was so porous. As a result, the percentage of GDP collected by the government was about the same as today.
Moreover, that top rate is a totally uninteresting red herring. Eight people altogether ever paid 91% on any of their earnings. Eight.
With a higher tax rate the money has to actually go somewhere instead of staying in one person’s bank account. It could go to a charity, opportunity zone funds or towards gifting. Higher tax rates on the 1% keep cash moving which is highly beneficial to society.
Rich people don’t put money in a bank account. They buy stocks, bonds, real estate, invest in vc funds, etc. Money already moves around and often in a more productive way than it would if it was simply spent
True. There is still an opportunity to shift today's tax rates to provide relief for the lower and middle class by raising rates on the upper class, which would help address today's higher inequality while still collecting the same in GDP.
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