We forgot we could regulate capitalism like we did 100 years go. Let’s make taxes great again. Then take that money and pour it into education. If the states really want to control that, fine, that’s a compromise that can probably still end up working out in the end.
Nobody ever paid that rate; anyone who was close to that line found some tax deductible way of spending their excess. That “tax deductible way of spending” was, ultimately, someone else’s paycheck.
Without that punitively-high top tier, there is no need for them to actually spend their excess income. They invest it, creating a debt owed back to them.
We tolerate this horseshit out of fear that “they’ll go away, and take the jobs with them”. Which won’t happen: When we restore our 91% top-tier tax rate, the rest of the world will follow.
We forgot we could regulate capitalism like we did 100 years go. Let’s make taxes great again. Then take that money and pour it into education. If the states really want to control that, fine, that’s a compromise that can probably still end up working out in the end.
This, exactly.
Boomers grew up with a 91% top-tier tax rate.
Nobody ever paid that rate; anyone who was close to that line found some tax deductible way of spending their excess. That “tax deductible way of spending” was, ultimately, someone else’s paycheck.
Without that punitively-high top tier, there is no need for them to actually spend their excess income. They invest it, creating a debt owed back to them.
We tolerate this horseshit out of fear that “they’ll go away, and take the jobs with them”. Which won’t happen: When we restore our 91% top-tier tax rate, the rest of the world will follow.