Qasim Rashid, Esq.Jul 15, 2023

From 1940s-1980, the wealthiest paid 70-94% marginal tax rates. Zero of them went broke from taxation. Zero of them left the USA. All remained exceedingly wealthy, manufacturing boomed, AND we had the strongest middle class growth in US History.

Let's do that again. #TaxTheRich

Show threadDoug Grinbergs
@QasimRashid Thom Hartmann article: To Save US Democracy, Tax the Rich at 90%
Republican “Roaring ‘20s” 100 years ago, when Warren Harding dropped the top income tax rate from 91 percent to 25 percent
FDR 1936: “A number of my friends who belong in the very high upper brackets... have suggested... they will have to move to some other nation because of high taxes here... I will miss them very much...” https://www.commondreams.org/opinion/to-save-us-democracy-tax-the-rich-at-90
To Save US Democracy, Tax the Rich at 90%

Wealthy people in America screamed and yelled when FDR said he would do it, claiming a hike from 25% to 90% would crash the economy, but instead that top tax rate kicked off the first middle class to encompass more than half a nation’s population in world history.

Common Dreams
Jul 15, 2023 at 8:36pmWeb