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Americans Lose Faith That Hard Work Leads to Economic Gains, WSJ-NORC Poll Finds

(www.wsj.com)
191 points impish9208 | 2 comments | 02 Sep 25 15:07 UTC | HN request time: 0.396s | source
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slt2021 ◴[02 Sep 25 15:34 UTC] No.45104448[source]▶
Welcome to the late-stage capitalism.

Unless capitalists start paying the same tax rate as W2 workers, the inequality will continue to favor capitalist class and exploit the worker class.

This will not happen until the working class wakes up and demands to lower W2 wages massively and simultaneously tax everything and everyone who has been evading and decreasing their corporate/ultra high net worth taxes thus far. Every single loophole must be chased and closed leaving only a standard deduction

replies(2): >>45104584 #>>45105435 #
coliveira ◴[02 Sep 25 16:36 UTC] No.45105435[source]▶
The most prosperous moment of the USA was when rich people paid 97% of their income in taxes.
replies(1): >>45107374 #
1. bitsage ◴[02 Sep 25 18:49 UTC] No.45107374[source]▶
The highest marginal tax rate in the US was 94% in the mid 1940s, and that doesn’t even mean people were paying 94% of their income to taxes. If you look at federal revenue as a percentage of GDP in decade intervals, starting from 1944, you’ll find that the ratio hasn’t changed much since then [1]. Funny enough, it has actually crept slightly upward.

1. https://fred.stlouisfed.org/series/FYFRGDA188S

replies(1): >>45107834 #
2. coliveira ◴[02 Sep 25 19:25 UTC] No.45107834[source]▶
Thanks for the 94% correction. But there is no need for the percentage of GDP to increase, it's only enough that the richer pay more, so less will be payed by the lower classes. Not only that, but a reduction in loopholes is also needed. The goal is not to prevent people from making more but to prevent concentration of wealth, so we need to make it harder and harder for huge fortunes to accumulate instead of supporting it.