You think if the billionaires were to mysteriously disappear from the face of the earth, homelessness and poverty would disappear with it?
Walk me through that logic, please.
#14 | POSTED BY MADBOMBER
The most prosperous time in America was in the late 50s and all of the 60s when the tax rate for the wealthy was 90%.
It was called the Golden Age.
The most vigorous, sustained periods of growth, on the other hand, took place from early 1961 to mid-1969, with an expansion of 53% (5.1% a year), from mid-1991 to late 2000, at 43% (3.8% a year), and from late 1982 to mid-1990, at 37% (4% a year).
The top income tax rate reached above 90% from 1944 through 1963, peaking in 1944, when top taxpayers paid an income tax rate of 94% on their taxable income. Starting in 1964, a period of income tax rate decline began, ending in 1987.
They wouldn't "mysteriously disappear". They would still be wealthy but just be less wealthy. And the money (that they could never even spend in their own lifetimes anyway ) would be redistributed via taxes to make the world they live in a better place and keep them comfortably wealthy in that world they helped make better.
How is that not "logical"?
