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Absolutely true. Almost all of what you describe happened when the USA had a 70-94% top marginal tax rate and very few billionaires, though. The grossest of dis
by pwinnski 5y ago
Absolutely true. Almost all of what you describe happened when the USA had a 70-94% top marginal tax rate and very few billionaires, though. The grossest of distortions has come along after the pace of benefits has long since dropped considerably.
- jimbokun 5y agoThat doesn't apply to the stunning rise in prosperity in India and China more recently, though.
- pwinnski 5y agoInasmuch as the stunning rise in prosperity in China is relevant, it should be noted that China is a communist country, so it's not clear that any increase in prosperity there can be attributed to capitalism.
- jimbokun 5y agoChina is not economically communist. They have adopted a heavily capitalist economic model and have seen their prosperity rapidly improve since then.