General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIt is time to tax the wealthy 90 per cent again to pay for the new war
leftstreet
(40,388 posts)and stuff like schools and such
lastlib
(28,145 posts)It is time to REBUILD -- as Pres. Joe said, "BUILD BACK BETTER!" The wealthy have had the breaks the past 45 years, it's time they PAID IT BACK!
AllaN01Bear
(29,327 posts)MadameButterfly
(4,029 posts)It will require 90%. Some of it retroactively.
Whyisthisstillclose
(645 posts)pwb
(12,634 posts)But the wealth class has to make money at every turn no matter.
ProfessorGAC
(76,582 posts)Almost nobody paid 90%. There were so many deductions & shelters.
That's why Kennedy lowered the maximum rate but amended the dodges so the effective tax rate went up.
The magical 90% thing is a canard, because so few people paid at that rate rendered it almost moot.
There were people who earned at the 90% rate, but paid more like 50%, maybe 60%.
MineralMan
(151,155 posts)The very wealthy don't have "income" as we all think of it. They have "assets." Income gets taxed. Assets don't, as a rule.
HarborMaster
(7 posts)That the rich should pay for wars they profit from (and virtually never send their kids to fight/die in) should be a given. How did things ever become so unbalanced and unfair?
multigraincracker
(37,520 posts)No paycheck to monitor, just wealth. Tax wealth not income.
Iggo
(49,897 posts)To pay for everything in this country that makes them rich.
biocube
(207 posts)they never think about what the top marginal tax rates were back then.
Ferrets are Cool
(22,907 posts)If you can't make ends meet on one billion a year, maybe you should get a better coodinator.
PeaceWave
(3,273 posts)That, I don't get.
Fullduplexxx
(8,626 posts)2na fisherman
(313 posts)One billion dollars invested in a savings account at 2% will yield $20 million in annual interest. It gives the billionaire a monthly budget of about $1,666,666. People at this level of wealth have no idea how the lowest to moderate wage earners must live on hand-to-mouth meagre budgets. Such levels of wealth inequality are not conducive to the long-term health of democracies. And it is a big reason why we now have someone like Trump in the White House because the wealthy require minority rule to maintain their advantage-- through manipulations or by force if necessary. The midterm elections may be the last chance for the working class to begin to correct this. There are more of us than them. No Kings!