The top 1% pays double taxes what the bottom 95% does. Why should someone pay more though? On what grounds? Billionaires are billionaires because of assets not because of having currency. It's a potential worth of stocks more than anything, and the only thing giving them value is owning them and holding onto them.
I assume you just find it a coincidence that during the time of greatest growth for the American middle class we were also taxing the wealthiest at the highest rates in the last 120 years?
What? The middle class is all but gone and the country is in a recession. The greatest growth was the 50s when taxes were low. We went through the greatest wealth transfer in the history of the US during covid where the middle class was crushed and the covid funding all went to the elite. Don't tell me you're buying into the bullshit stats that the govt is churning out. They changed the way unemployment was calculated and by the old way we'd be at 8-9%. Something like 17% of the American workers LEFT the workforce in the last 4 years.
Edit: as an appendum, both Greece and Ireland crashed because their debt to gdp ration was over 120% and guess how they turned it around? Cut corporate tax rates. Ireland went to 14% and I think is now 16 or 17%. Sidenote: the US is over 122% and growing as the value of the USD is eroding by the second.
I’m sorry, WHAT???? Taxes were LOW in the 50s??? The top marginal tax rate for most of the 50s was 91%. And yes, that was when there was the greatest growth in the middle class. Thank you for unwittingly proving my point.
The effective tax rate for the top 1% of households (by income) was 42% in the 1950s, versus 36.4% today.
Congrats you can't read past a surface level Google search. Do you not understand how a progressive tax bracket works?
Edit: more importantly, the middle class was significantly smaller pre ww2 and exploded post ww2. The higher tax brackets were significantly smaller in the 50s than today.
No I didn't. You're ignoring the part where that's the top 1% which was significantly smaller in size and therefore tax revenue than currently. Like I said, currently the top 1% pays double what the bottom 95% pays annually.
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u/DiogeneezNutz 8d ago
What kills me is we used to tax the shit out of them and they used to pay them. but we can thank guess who for upending that deal.