A quick history lesson. From 1940-1980:
•Wealthiest paid 70-94% marginal tax
•0 of them went broke from taxation
•0 of them left USA
•All remained exceedingly wealthy
•Manufacturing boomed
•The middle class was 62% of US economy (It's now 40% post 'trickle down scamenomics)
•We had the strongest middle class growth in US History
Let's do that again. Stop protecting billionaires. Start taxing them.
#TaxBillionaires
@QasimRashid Is this really accurate? First page of google says ~90% was the highest possible tax rate, but in reality taxes on the wealthy were pretty similar to today
@alantrapulionis @QasimRashid If what you say is true, why does the Nebraska Billionaire, Warren Buffett, want to be required to pay tax at the same rate as his Secretary. He knows taxes on the wealthy are too low.
@Miragee @QasimRashid I'm not saying anything lol. The author of this thread states that taxes were 90% on the wealthy for 40 years, and then proceeds to draw conclusions. Would be nice to have some context for this massive claim/history lesson
@alantrapulionis It's a narrative, of course: "hey income tax is great! look at how wonderful things were in the 50s when we had absurd top rates!"
But reality isn't so simple. I think typical billionaires probably don't and didn't really pay the top rate on a ton of their wealth anyway, so it probably won't matter much if we change it from 37% to 110% in terms of overall revenue.
It's just rhetoric.
@ech Yeah that's my instinct too. That's why this thread seemed so sus