Nope, true. Prior to the income tax and its high upper marginal rate the middle class was essentially those who could afford paid help in the home, rather small. However, after the income tax it grew tremendously to include no and low skilled workers.
We did very well under high upper marginal rates and 70% is still very high compared to …
Nope, true. Prior to the income tax and its high upper marginal rate the middle class was essentially those who could afford paid help in the home, rather small. However, after the income tax it grew tremendously to include no and low skilled workers.
We did very well under high upper marginal rates and 70% is still very high compared to that at Reagan, because it coerced the rich to invest in their businesses and workers rather than take themselves. Therefore, it has nothing to do with growth, as under low upper marginal rates profits flow to the capitalists, those who don't work, rather than the workers because they take the profits for themselves because a) the upper marginal rates don't penalize them for taking it and (b) the capital gains tax taxes working at a higher rate than not working.
All Reagan and subsequent GOP tax cuts did was increase the wealth gap, with more flowing to the top than the middle class.
Nope, true. Prior to the income tax and its high upper marginal rate the middle class was essentially those who could afford paid help in the home, rather small. However, after the income tax it grew tremendously to include no and low skilled workers.
We did very well under high upper marginal rates and 70% is still very high compared to that at Reagan, because it coerced the rich to invest in their businesses and workers rather than take themselves. Therefore, it has nothing to do with growth, as under low upper marginal rates profits flow to the capitalists, those who don't work, rather than the workers because they take the profits for themselves because a) the upper marginal rates don't penalize them for taking it and (b) the capital gains tax taxes working at a higher rate than not working.
All Reagan and subsequent GOP tax cuts did was increase the wealth gap, with more flowing to the top than the middle class.