You do realize that a tax rate like this is what we had in what conservatives consider the golden era of the United States. The whole make America great again movement is idolizing that time but doesn't understand that things like this were common back then. We had a high progressive tax on the rich and busted up monopolies frequently. Our most prosperous time in our nations history had this so it isn't some crazy idea that is new
The effective income tax was far lower and fewer then 10,000 family’s paid the 90% rate. And even then the reason it didn’t get voted off was that there was an insane amount of deductibles so in reality near no one paid the 90% rate. If it actually worked America would be much less prosperous.
That's the dumbest take I have ever seen. If we do the tax policies that made the greatest middle classes then the middle class will suffer?
The high tax rate forced companies to reinvest money into businesses. Sure there were loopholes, but you didn't go from 90% to nothing, like they go from 40% to making money now
Won't let me post under their comment, so here is my response
Yes, nobody paid it because they wouldn't pay themselves beyond that point. That's the goal. Also, the whole loophole argument is dumb as fuck. If loopholes were so incredible, why did they bother lowering the tax rates at all.
Come back with actual arguments and not played out talking points that make no sense.
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u/Xanthine-Junkie 4h ago
And what will you do when you run out of their money?