Trickle down never worked, this is end game capitalism, something else needs to be added to this mix to fix this mess.
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This is where it's time to revisit why and how the economy fared so well in the USA when high top marginal tax rates incentivized top earners (and business owners) to spend on things that got them something when the alternative was paying 90% on money above the line to be in that bracket.
When that money was spent on higher wages or hiring more people or funding pensions or on research & development, the result was growth and a prosperous middle class. The super-wealthy were still super-wealthy, the major difference was that high top marginal tax rates created incentives for them to spend their money in ways that actually did trickle down
surges
Forgive me if I wait for changes before believing anything is happening. Shit surged a long time ago.
Covid facilitated the greatest transfer of wealth from the masses to the few in human history.
Let’s set aside all moral debates about freedom, punishing prosperity, blah blah blah.
There is one very simple and practical reason to tax the rich:
because that’s where all the money is
Conversely there is one simple reason why politicians who hope to get re-elected will never tax the rich.
Because that is where all the money is
Get the special interests and money out of politics and we may have a chance of taxing them.
And the people who don't have any money keep voting for the people who are the worst about this
74% of it, in fact, concentrated into the hands of the wealthiest 10% of Americans.
If we don't tax the rich, they will only continue to get richer while everybody else gets poorer and the economy continues to fall apart as we print more and more money to keep everybody paid and it all gets vacuumed up to the top.
It seems like solid economics. We need to keep capital in motion. 10% of the population cannot meaningfully deploy 74% of the capital.
To quote the 1985 movie Brewster’s Millions, it doesn’t count to buy the Hope Diamond for some bimbo as a birthday present.
We're seeing so many economic problems being caused too much wealth being concentrated. Supply side economics was a stupid idea from the outset, but now we're in the supply side economics endgame.
The wealthy are using that wealth to make products no one needs while people are struggling to afford the things they actually do need. $3500 for Apple goggles? We don't need that and couldn't afford it if we did. How about yet another streaming service? Don't need it, can't afford it. Maybe some VR goggles the you can use to go into a virtual world where you're a legless cartoon character? We'll rename the company after this new product, that'll get people to buy it for sure!
Well shit, it seems the wealthy have so much money, they don't have anywhere to put it. Doesn't seem like enough people are buying the products they develop with that wealth, so what can they invest that money in? I know, maybe they should put it into real estate! Great, now ordinary people can't afford a place to live. Yay, supply side economics is working great!
This is one of the main factors behind my vote this year.
That, free dental, and also keeping the ocean from getting too close to my house.
Is anything ever going to happen though?
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