A quick thread on the economics of a much higher top rate for the super-rich.
TL;DR version is that @AOC is on very solid ground here.
There is a lot of evidence that from an economic and fiscal perspective, we'd be way better off with top rates approaching 70.https://twitter.com/politico/status/1081207384960368640 …
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Corporations and wealthy Americans cannot opt out of the effects of climate change. They benefit from good infrastructure & schools as much, if not more, than the rest of us. Their employees are educated & arrive at work via roads and mass transit built with tax $$.
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Some humans are, others continue destitute and exploited by the wealthy.
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What the "Reagan Revolution" was actually about
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I cried in a Tavern the day Reagan was elected. I visited Nicaragua a few years ago and met a family that were deeply impacted by his elitist policies.
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It's appalling the way he has been sanitized and glorified across the political spectrum. Truly revisionist history.
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'His'tory is always revised by the writer.
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thanks for digging that oldie up. Drew that a decade ago
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Damn, Reagan was nuts
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Dangerously so. We're still paying the price of his 'leadership' ~4 decades later :(
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You have no idea what you're talking about. Yeah, we were denied another four years of the fine leadership of Jimmy Carter.
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Thanks for letting me know how you really feel.
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Notice how America immediately went to utter shit the moment Reagan slashed taxes for the rich. It's been a 38 year strangulation ever since.
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Now I know why he’s the GOP go to guy.
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These surface level comparisons never take into account deductions. A 94% advertised top rate is meaningless if the effective rate after deductions is 10%.
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Counterpoint: referencing tax rates from 100 years ago is disingenuous. State, sales, and property taxes have all exploded since then. IMO, we should be shooting for an effective rate of 50-ish percent.
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Nice to see that younger people are finally wising up to what the highest marginal tax rates used to be...and should be now.
Thanks. Twitter will use this info to make your timeline better. UndoUndo
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Is our deficit a surprise?
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Not at all. The GOP’s grand design is to use the lack of revenue, if not near financial collapse, to finally get rid of “unaffordable” things they hate: Medicare, Social Security, and Public Education.
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and the tallest periods in that graph are what will be remembered as the golden age
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