Over the last 50 years of Trickledown economics, the 1% has extracted nearly $50 trillion of wealth from the working class (CBS News). Under 1970s levels of income inequality, more money would’ve gone to the workers of America’s largest corporations; instead it was diverted to shareholders and corporate executives. America should create a 1 time wealth tax to undo the upwards redistribution of wealth by taxing the stock of the top 5% to then set up brokerage accounts for every American citizen in the bottom 95%. In addition, we need a truly progressive tax system which would help minimize or totally eliminate taxes for workers at the lowest end of the income spectrum.
My ideal tax system would be;
0% 0-20k
5% 20k-40k
10% 40k-90k
15% 90k-180k
20% 180k-360k
25% 360k-720k
30% 720k-1.4M
32% 1.4M-100M
34% 100M-1B
36% 1B & above
On all forms of income; ordinary income, capital gains, and corporate profits.
Right now, normal working people pay more so that Wall Street can pay less.
That's backwards!
If we merge the Corporate, capital gains, and ordinary income tax rates together, the working class could end up paying significantly less.
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