cross-posted from: https://lemmy.world/post/13165402
this post was submitted on 16 Mar 2024
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The United States used to have a high tax rate for millionaires.
Then the voters and non-voters let Reagan in through the door.
My ideal would be setting the brackets at the quintiles of household incomes, then setting the tax rates for those brackets at the share of national wealth all the brackets below a given bracket, plus the median point between that and the total including that bracket's share of the wealth.
Allows for dynamic tax adjustment by pegging it to a calculation instead of a congressionally set number, and benefits the working classes by significantly shifting the national tax burden off of them whenever wealth accumulation starts peaking, effectively giving them free money to rebalance the economy with while taking the ultrawealthy through the nose for their shenanigans.
Not to mention how you can adopt similar models for other taxes bracket percentiles for total land value, for unrealized gains, for income tied to productive property assets like factory equipment, etc. etc. etc.
The real sticking point will be finding a way to address how the rich get most of their spending cash outside of direct income streams.
lol "pegging"
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