Thom HartmannJun 2, 2023

Amazing things happened in America the last time we taxed billionaires at 90%. It’s an incredible story that every American should know!

https://hartmannreport.com/p/what-happens-when-you-tax-billionaires-fa3

What Happens When You Tax Billionaires at 90 Percent?

We did it before, and the result was the creation of the world’s first and largest middle class and a level of peace and prosperity that held its own until Ronald Reagan took a meat-axe to it…

The Hartmann Report
Show threadJoe McTee

@ThomHartmann @ianRobinson Excellent article with some cool historical FDR quotes.

My only criticism is that it fails to point out that the 90% rate is a progressive rate. No one is suggesting we take 90% of a billionaire’s assets.

I think the right likes the ambiguity here, as it makes it easier to argue against with folks not really paying attention. There’s a visceral reaction to the thought of taking 90% of anything away from someone. 1/2

Jun 3, 2023 at 5:26pmIvory for iOS
Show threadJoe McTeeJun 3, 2023

@ThomHartmann @ianRobinson Ignoring any deductions, the marginal tax rate for a billionaire under the 90% plan would probably be in the mid-30s as opposed to the sub 10% they currently pay. So not egregious by any means.

So please mention marginal rates in the future to avoid making those poor billionaires look like victims!

2/2