this post was submitted on 20 Nov 2023
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If you conflate home ownership with wealth, more people will view themselves as targeted by policies that target the rich - even if that is not the reality. Useful for getting voters to oppose taxing the rich.
Ding ding ding.
This is why the rich try to muddy the waters.
They try and make it appear as if the homes and retirement funds of the middle class are somehow equivalent to the hundreds of billions owned by the rich.
Fun fact: if we would tax the rich and lower taxes on the middle class, we would get something closer to socialism. Under pure socialism, where everyone owns an equal share of the total wealth, the average household would actually be worth $1.6M.
Any household with less wealth than that is actually doing worse under the current system compared to full equality.
We need to roll back to 1955 tax rates:
Eisenhower individual income above $200,000 was taxed at 90%, above $300,000 at 91%, and above $400,000 at 92%. That’d trim Musk Bezos etc. down to size, fund education, fund social security etc.
Corporate taxes topped out at 52% - the tax rate was 30% for the first $25,000 in profits that a company made, and 52% for anything over that amount.
Of course, adjust these floors with with inflation taken into account - $300,000 in 1950 = $3,772,843.22 in 2023 - so multimillionaires and up.
Several years ago I came across a graph showing relative tax revenues collected from companies and individuals. I don't remember the details, but there was a time when the tax revenues came mostly (or maybe equally?) from corporate taxes and now they come mostly from personal income taxes.
It seems to me that going back to that would be a good place to start. Once we have companies paying for the systems that allow them to thrive, we can tackle personal wealth/income taxation disparities.
Yup. We literally can't balance the budget with the regressive systems (WA and TX especially where there's no income taxed at all, and everything is built on sales and property taxes because fuck you rich people can afford more lobbyists) in place; the disparity between the ultra rich and poverty grows further every day.