A governor of Louisiana, US Senator & presidential candidate Huey Long promoted this idea. He was shot (His famous last words are among the best) At some point there needs to be a cap on wealth. Think of all the good you can do. Spending 20% every year on helping mankind & making it all back the next year. Hoarding wealth, while other humans literally have nothing, make billionaires a disgrace to humanity.
How about we start by just taxing them fairly. We can get to this eventually but even an incremental step forward would be so much better for the economy.
That's kind of how we paid for WW2 and ushered in a huge economic expansion in America. The top tax rate on excessive income was 95%. It was a progressive system, with about 40 tax brackets, topping out at that 95%.
We actually had quite high taxes on huge incomes right up until Reagan and the neo-cons sold America on "trickle-down economics" packaged as "tax reform" and shifted the burden for paying for everything at the federal government onto working people's pay check withholding.
But hey, we got the modern Republican Party with it's propaganda campaigns, pandering to wealthy donors, corporations with the same rights as human beings, resurgence of racism, bootstraps myths, gutting of labor unions, and the path that led right to Trump in the Whitehouse out of the deal, so we got that going for us.
photogggraphy on May 22nd, 2020 at 12:44 UTC »
A governor of Louisiana, US Senator & presidential candidate Huey Long promoted this idea. He was shot (His famous last words are among the best) At some point there needs to be a cap on wealth. Think of all the good you can do. Spending 20% every year on helping mankind & making it all back the next year. Hoarding wealth, while other humans literally have nothing, make billionaires a disgrace to humanity.
avidovid on May 22nd, 2020 at 12:57 UTC »
How about we start by just taxing them fairly. We can get to this eventually but even an incremental step forward would be so much better for the economy.
oldbastardbob on May 22nd, 2020 at 13:54 UTC »
That's kind of how we paid for WW2 and ushered in a huge economic expansion in America. The top tax rate on excessive income was 95%. It was a progressive system, with about 40 tax brackets, topping out at that 95%.
We actually had quite high taxes on huge incomes right up until Reagan and the neo-cons sold America on "trickle-down economics" packaged as "tax reform" and shifted the burden for paying for everything at the federal government onto working people's pay check withholding.
But hey, we got the modern Republican Party with it's propaganda campaigns, pandering to wealthy donors, corporations with the same rights as human beings, resurgence of racism, bootstraps myths, gutting of labor unions, and the path that led right to Trump in the Whitehouse out of the deal, so we got that going for us.