During the time period when the highest tax brackets fell from 70% to 50%… Down to now 37%.
Surely the people holding the most money paying near half the taxes they used to didn’t cause them to hold onto that money and drive more and more money up into their hands.
But I have it invested! So you can’t tax it yet, but I rolled it into a company so you can’t tax it or if you can you can’t tax me the same way!
For capitalism to work there has to be strong legal bindings to taxing the rich and subsidizing the poor to make sure they don’t get steamrolled by the system.
We having been pumping the breaks for years on those responsibilities, and more and more people in turn will get steamrolled and forced into starvation, homelessness. The mental health rates being low are directly tied to money in the middle and lower classes.
If we made a rule that for every 10 people who committed suicide do to scarcity that the richest person would be killed as well, we would run out of rich people not trying to promote subsidizing the poor pretty quick and trying to get the happiness of the people up instead of only worrying about profits.
That’s crazy obviously… But we need healthier motivation to make the world a better place. That isn’t a healthy one.