Disagree. It was a marginal tax rate for income over $400k. There were relatively few millionaires back then, so with the current runaway class income divide, it would assuredly do something regarding modern multimillionaires and beyond.
The solution would have to be twofold: tax the wealthy properly and close the loopholes (like taxing unrealized gains).
Though in general, I’m not a huge fan of this solution, because it’s still pro-capitalism, but it would be a step in the right direction at the very least.
Disagree. It was a marginal tax rate for income over $400k. There were relatively few millionaires back then, so with the current runaway class income divide, it would assuredly do something regarding modern multimillionaires and beyond.
The solution would have to be twofold: tax the wealthy properly and close the loopholes (like taxing unrealized gains).
Though in general, I’m not a huge fan of this solution, because it’s still pro-capitalism, but it would be a step in the right direction at the very least.