Homeowners Refuse to Accept the Awkward Truth: They’re Rich - Owners of the multi-million-dollar properties still see themselves as middle class, a warped self-image that has a big impact on renters
vivadanang @ vivadanang @lemm.ee Posts 0Comments 776Joined 2 yr. ago
vivadanang @ vivadanang @lemm.ee
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We need to roll back to 1955 tax rates:
Eisenhower individual income above $200,000 was taxed at 90%, above $300,000 at 91%, and above $400,000 at 92%. That’d trim Musk Bezos etc. down to size, fund education, fund social security etc.
Corporate taxes topped out at 52% - the tax rate was 30% for the first $25,000 in profits that a company made, and 52% for anything over that amount.
Of course, adjust these floors with with inflation taken into account - $300,000 in 1950 = $3,772,843.22 in 2023 - so multimillionaires and up.