2 ms·
>There's no reason we can't say "people earning more than a few million dollars a year can afford to pay a 97% tax rate." We have people "fox news" deluded int
by prolikewh0a 8y ago
>There's no reason we can't say "people earning more than a few million dollars a year can afford to pay a 97% tax rate."
We have people "fox news" deluded into thinking the elite deserve all of it -- hundreds of lifetimes worth of money -- because all of their hard work went into making it (their workers made it), while their own wealth and security declines at the same time. In 1944 we had a tax rate of 94% on people earning over what in today's money would be $2.8 million [1], and it was the beginning of some of the lowest income inequality in USA's history [2].
Jeff Bezos would still be left with $9,000,000,000 on a 94% tax rate (I realize most of his net worth is stock, I have a hard time finding what it is without his stock, this is just an example).
I would love to see it too, but people continuously vote against their own interests.
[1] https://www.tax-brackets.org/federaltaxtable/1944 https://www.tax-brackets.org/federaltaxtable/1944
[2] https://www.epi.org/news/union-membership-declines-inequality-rises/ https://www.epi.org/news/union-membership-declines-inequalit... (unions + income tax)