You know, like what the US had in the 50s-70s. The kind that France and other european countries have had for a long time as well.
Large corporate taxes are useful too - it forces companies to reinvest (as reinvested profits are not taxed).
You know, like what the US had in the 50s-70s. The kind that France and other european countries have had for a long time as well.
Large corporate taxes are useful too - it forces companies to reinvest (as reinvested profits are not taxed).
Sure the rates were higher, but the tax code closed a ton of "loopholes" since then.
Take a look at this Slate article which includes data:
http://www.slate.com/blogs/moneybox/2017/08/07/the_history_o...
"So the real tax rates rich Americans paid in the 1950s may not have been so stratospherically high as some progressives assume. But they also may have helped create a more egalitarian society. That seems worth considering."
Mainly by removing the massive incentive for increased wealth past a tax threshold. 1% households back then made much less than today.
This set of data shows the effective rate for the top 1% isn't that much lower than it was in the 1950's (baring the recession in 2008) and much higher than they were in the 1980's when Reagan gave his "tax cuts to the wealthy".
https://files.taxfoundation.org/20170804133536/Average-Effec...