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It doesn't get ugly fast. The tax rate for the wealthy used to be 90%. There was a time in the country where it was recognized that robber barons were not in
by yequalsx 9y ago
It doesn't get ugly fast. The tax rate for the wealthy used to be 90%. There was a time in the country where it was recognized that robber barons were not in our collective interest. This is not an unsolvable problem.
- njarboe 9y ago90% tax on income not wealth. Our current system already punishes income earning over wealth growth and much gaming goes on by the rich to keep wealth growing while keeping taxable income low.
- yequalsx 9y agoGenerally when talking about tax rates in this context it's about the income tax. There is no wealth tax in the U.S. I don't think there ever has been one either. Reagan believed the tax on labor should be less than the tax on capital. I agree with him on this but the current Republican party has deviated quite far from where even Reagan stood.