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https://www.dailykos.com/stories/2023/6/5/2173413/-What-Happens-When-Corporations-are-Taxed-at-50-Like-Before-the-Reagan-Revolution>
"If we want a healthy, happy society in America, it’s not enough to just raise
the top personal income tax bracket; we must also raise corporate taxes. Let me
explain…
Last week on
Hartmann Report I proposed we raise the top personal income tax
bracket — paid only by people making over (for example) around $50 million a
year, and only on the money above that amount — back up to the 90 percent that
FDR set in the 1930s and 1940s and Republican President Dwight Eisenhower
(along with JFK) defended and maintained.
(LBJ dropped it to 74 percent, but closed so many loopholes that it was
actually a tax increase on the morbidly rich. Reagan then dropped it to 27
percent, and the middle class began a 42-year-long collapse.)
The main benefit of raising the top personal income tax bracket back up to
nosebleed levels is that it causes CEOs and business owners (people who can
essentially determine their own pay) to restrain themselves from draining the
corporate coffers just to buy a new super-yacht, jet, private island, or a
fourth 70-room mansion in the Swiss Alps.
Back in the 1933-1981 era, instead of behaving like spendthrift wastrels, CEOs
and business owners would take income up to the edge of the top tax bracket and
then stop (with the most prosperous CEOs maxing out at around 30 times average
worker income), leaving the rest of the money in the company."
Via Kevin O'Brien.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
