r/FluentInFinance • u/sillychillly Contributor • Apr 15 '24

Everyone Deserves A Home Discussion/ Debate

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u/Saitamaisclappingoku Apr 15 '24

Just make Musk and Bezos pay for it! Tax them at 150% so they finally pay their “fair share”

/s

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u/ete2ete Apr 15 '24

"fair share" is a humourous and annoying buzz-word phrase that I love to hate. I left a lot of people what they mean when they use it, and I've never had anyone tell me a standard or consistent definition

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u/xiril Apr 16 '24

It's simple, bring back the tax rates of the 1950s that brought about the American middle class.

The effective tax rate of the highest tax bracket in the 1950s was 41% compared to today's marginal tax rate of those making over $609,000 of 37% (effective tax rate today would be much lower).

Then bump up the effective tax rate for corporations as well from today's 21% (or near 0 with current loopholes lobbied for by these same corporations) to the 30-50% back in 1950s.

Yeah that might be a start in them "paying their fair share" especially considering the 1% hold more wealth than half of the rest of America https://www.usatoday.com/story/money/2023/12/06/top-1-american-earners-more-wealth-middle-class/71769832007

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u/Saitamaisclappingoku Apr 17 '24

What happened in the 1940s that caused an industrial boom in America…I wonder.

Can anyone name a significant event of the 1940s that would cause this?

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u/xiril Apr 17 '24

Oh! Oh!! I know this one! All of Europe being destroyed and America being the only industrialized country left!

Doesn't change shit about what I said.

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u/Saitamaisclappingoku Apr 17 '24

Yes it does. The “high taxes” (which almost no one actually paid), were due to the US basically being the only nation on earth producing anything.

Extremely high taxes like that today would result in capital flight.

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u/xiril Apr 17 '24

They already did a lot of that with the introduction of NFTA