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
there were also basically zero other advanced countries that weren't still recovering from the war for much of that period, but yes, I support much higher taxes on the wealthy.
@springforward @QasimRashid i love this but the cropping is almost comical
"This is missing some information, but most importantly it ignores..."
@ada86738 @QasimRashid It says *we* are guilty as a society, that we allow such obscene wealth without requisite contributions (taxes) to society.
If *one* person has enough money to end *world* hunger, while also not even noticing the money lost...and don't. Is that not a crime against humanity?
What if there are *dozens* of such single people?
@ada86738 @pixelpusher220 @QasimRashid
Yeah? They provide shitty jobs that are just bad.
Also, even if the Communist Party killed wealthy people, it was in good intention. Rich people are nothing but hoarders of wealth. They have a right to live, but not the right to hoard.
@ada86738 @pixelpusher220 @QasimRashid
Boo fucking hoo🤡
@Beiz @QasimRashid I did not understand @BeiZero ’s analogy, but I haven’t had my morning coffee yet.
Let me create a hypothetical example: if we were create a new tax bracket for earned income above one billion dollars per year, and set the marginal tax rate for that bracket to 90%, that would technically satisfy the proposed change. But it would not actually accomplish anything, as no one earns more than a billion dollars per year.
@josephcursio @Beiz @QasimRashid I think it mistake to tag me, but I'm in. If you earn more than one billion dollars a year, you can afford to hire, for example, lawyers to avoid too high taxes, or arrange for a friend to be hired at your company to give you kickbacks, or even trivially buy certain things on behalf of your company, not yourself, thus evading tax payment. So, it's somewhat pointless, but you're propagating hatred towards the rich.
Sorry for my bad english.
The whole "trickle down" nonsense only *worked* when there was an incentive to actually use the wealth rather than store it... I.e. re-invest rather than pay taxes. Re-investment (and the boom) didn't happen because of enlightenment or altruism - just for the same selfish reasons as now - avoiding taxes.
Ya want "trickle down"? Go back to 70% to 90% taxes.
@QasimRashid had to double check what is meant by a marginal tax rate. There is so much misunderstanding about tax brackets in this country, I think your post might benefit from an *.
*The marginal tax rate is the amount of additional tax paid for every additional dollar earned as income.
@QasimRashid "Zero of them went broke from taxation."
- B/c they managed to write/find loop holes which kept federal tax revenue at ~17%.
"Zero of them left the USA. All remained exceedingly wealthy, manufacturing boomed, AND we had the strongest middle class growth in US History."
- After WWII ended? Of course the majority of the population didn't want to leave the place that was nearly untouched to go to the places that were destroyed.
@josh5 @QasimRashid
They are always going to be hoarders of wealth. Call me biased, but we can all agree that wealthy = corruption.
Also, what are you getting at here?
@south_lib @QasimRashid I will say that wealth is suspect, but I won't say it is corruption 100% of the time.
OP is correctly correlating high tax rates post 1940 with good economic metrics. IMO OP is incorrect in thinking that the tax rate caused those metrics.
Same for UK.
In the last 13 years the greatest ever transfer of national wealth from the poor/working/middle class to the ultra rich has occured. During Brexit/Covid/Tory Gov Austerity more people became billionaires faster than at any time in history.
None of them lost money over the last 13 years; their fortunes increased logarithmically whilst Food Banks for the people did the same.
https://tribunemag.co.uk/2022/03/food-bank-david-cameron-tory-government-benefits-welfare-spring-statement
I forgot to add...
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.
@bouriquet @QasimRashid
Conservatism used to be something that you could sit down and debate with. Now, the right just follows the money of millionaires no matter what.
It's stupid. I debate with capitalists, and they do nothing but bash commies and spew falsehoods. I hate it.
Don't get me wrong, capitalism has done a few good things, but now the bad is exceeding that and showing more than ever.
@QasimRashid
One can't accumulate great wealth without the assistance of an effective government, or, without being the government. On the other hand, being poor requires little help from the government. So, those with great wealth, having benefited more greatly from the government's operation, should be compelled to pay a higher share of that government's cost.
More progressive taxation would be more fair taxation.
Add that during that same period, we cut the poverty rate in half and the national debt by three quarters
But then they'd just reinvest in their business. They'd build a company that would last a century, investing a lot in their reputation. They'd probably stop cutting so many corners in the name of quarterly profits, and have a longer term view. Do we really want that?
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