Posted at Hartmann Report on Jun. 2, 2023
What Happens When You Tax Billionaires at 90 Percent?
We did it before, and the result was the creation of the world’s first and largest middle class and a level of peace and prosperity that held its own until Ronald Reagan took a meat-axe to it…
“Succession” is over, but spoiled, entitled billionaire man-children are still very much with us, running social media companies, owning newspapers and television networks, and funding politicians and judges who then keep their taxes low and regulations minimal.
America’s billionaires (and soon to be trillionaires) pay an average of around 3.1 percent as their functional income tax rate; as a result, America is the most unequal developed society in the world. The last time severe poverty and extravagant wealth coexisted in such extremes as today in this country was during the 1920s and 1930s.