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> If anything, the data seems to show higher economic growth during periods of higher taxation! More important than that is that the periods of higher taxation
by danans 7y ago
> If anything, the data seems to show higher economic growth during periods of higher taxation!
More important than that is that the periods of higher taxation were the periods where arguably America's greatest assets: it's physical and educational infrastructure, were built.
Since the period of lowering of tax rates began in earnest in the 1970s, we've seen an extraordinary growth in privately held wealth among the already wealthy, while wage growth has barely kept pace with GDP growth, manifesting in growing inequality of income, wealth, and by consequence of those, opportunity. There was also a disinvestment in our national shared infrastructure, which is disproportionately relied on by working families, including public schooling and transit. Instead those were turned into factors in the larger lottery of home ownership.
This is how quality of life for average people can get worse despite the growth of GDP.