Economists Say We Should Tax The Rich At 90 Percent
"America has been doing income taxes wrong for more than 50 years."
"All Americans, including the rich, would be better off if top tax rates went back to Eisenhower-era levels when the top federal income tax rate was 91 percent, according to a new working paper by Fabian Kindermann from the University of Bonn and Dirk Krueger from the University of Pennsylvania."
"The top tax rate that makes all citizens, including the highest 1 percent of earners, the best off is “somewhere between 85 and 90 percent,” Krueger told The Huffington Post. Currently, the top rate of 39.6 percent is paid on income above $406,750 for individuals and $457,600 for couples."
"Fewer than 1 percent of Americans, or about 1.3 million people, reach that top bracket."
Of course almost no wealthy actually pay todays 39.6% tax rates, so loop holes, escape doors, tax safe havens, must be closed not through punitive fines, but through mandatory prison terms. Multi millionaire Mitt Romney through some crafty book keeping was found to pay less tax than his secretary, about 14%.
The underlying rot that is destroying American society is the compulsive pursuit of money by a few powerful fabulous wealthy people, not satisfied with owning all the best property in the US and most of Americas wealth, they have become political activists, subversives, a danger to a democratic society.
Want to stop the 1000 plus percent drug price increases, stop paying the highest drug prices in the world, tax the drug company CEO at 90% take away their incentive. Want a disincentive for the war profiteers, the sociopaths that reap profit off of death and destruction, raise their personal income taxes to 90%. Want to curtail Big Oil carbon emissions, fracking, save the planet, tax the big oil CEO's at 90%. Want a disincentive to gouging health care premiums , 'Trumpcare', tax the HMO CEO'S who pay themselves million bucks a week profiting of Americas sick and dying . Want a hefty raise with benefits, heavily tax CEO's and their corporations, they'll happily give the money to anyone but the government.
Would the economy collapse, history tells us it would actually improve. The overall outlook of Americans would be bouyed by the fairer distribution of wealth. The malignant societal corporate cancer, the rot, could be cured virtually overnight.
This high taxation concept is nothing new, from around the start of the great depression until President John Kennedy ordered America to put a man on the moon, America's tax rate on the wealthy was 90%. The result, these were the heady days of America, it's golden years, when America's middle class wealth grew at an astounding rates and America was second to no one in the world.
Would the rich corporations pack up and leave, yes they'd threaten such, but even that could be blocked through legislation designed to tax any huge amounts of money exiting the country.
America you hold all the cards, if you would just play them. If the owners of these multinational corporations want to do business with the richest country on the planet, they have to live by your rules, rules that can be re-define by you. It's time AGAIN to tax the wealthy at 90% .
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