"Renaissance Thinking About the Issues of Our Day"
The American news media has pointed out at length that the new government in France raised taxes, so that after somebody has made their first million dollars in a year, additional dollars in that year are taxed at a 75 percent rate. The millionaires are unhappy, but it'll save the country. There are two parts to this story that have to do with the United States that you probably didn't hear or see on the American news. The first is that for more than half of the twentieth century, the top tax rate on rich people here in the United States was at or above that French range - here it was between 74 and 91 percent. During those decades of high tax rates on the Romney-rich, by the way, we had the fastest and strongest growth of the middle class in our nation's history. In fact, most credible economists during that era said that the REASON for the strong growth of the middle class was because the super-rich had high tax rates after they'd made their first million dollars a year. The result of that was that instead of taking more millions, industrialists left the money in their businesses - and that money was used to pay decent, middle-class wages to American workers. The second thing you probably haven't heard much about in the American Media is that we have two types of federal income taxes.