28 Jun 2023 7:15 am
From 1943 to 1962 the highest personal tax rate was 90% of income in the top bracket. JFK lowered to top bracket, to 70%.razoo » 28 Jun 2023, 5:27 am » wrote: ↑ This is the only approach that makes dollars and sense which reduce the whining from the radical right wing fascist movement. Certainly would make a sweet contribution to the overall economic growth across the board....
locally, statewide and nationwide.
Conservatives assume they are the economic giants of our time however Reagan/Bush Supply Side Global Economics has proved that theory wrong the last 43 years.
Reagan/Bush Supply Side Global Economics requires borrowing borrowing borrowing to cover the cost of the erroneous theory. Reagan/Bush Supply Side Global Economics tax cuts for the wealthy few has added big big
dollars to the debt.
Reagan/Bush Supply Side Global Economics is an expensive endeavor much more so that an extra dollar for a
Big Mac or maybe $5 extra for a three martini lunch.
It wasn’t until Jimmy Carter until a 50% cap was placed but only for “earned income”.
Yes, the nation was wealthy from 1943 to 1978.
But rich people didn’t pay 90% or 70% or even half their income. A few unfortunate professional athletes got busted and sent to prison for tax evasion, but the rich found loopholes.
I’m on your side.
But this isn’t easy, it never has been easy, and never will be easy to raise minimum wage so that the least paid workers, who have almost no bargaining power, have a slightly easier time of fighting the battle of life.
The problem isn’t the wealthy earn too much.
The problem is to have wage laws that force the wealthy to have business models to pay the bottom scale workers about half the average wage.
And, every nation around the world has the same problem.
None set minimum wages much more than half the average wage.