1K

Calls to tax the superrich grow as economic inequality surges(www.aljazeera.com)

posted
by
Avatar
alphacyberranger@sh.itjust.works
in
Avatar
world@lemmy.world
97 comments
hidereport
Sort:
HotTopControversialNewOld
You are viewing a single thread.
View all comments View context
Avatar
Rivalarrival@lemmy.today
35 points

Trickle down didn’t work in the 1980’s or anytime after that.

Trickle down did work in the 1940’s, 1950’s, and most of the 1960’s, it just wasn’t called “trickle down” at that time.

The difference was a punitively high tax rate that nobody actually paid, because they found better ways to spend their excess revenue than simply giving it to Uncle Sam.

It turns out that when the richest among us are forced to spend instead of lend, the rest of us finally start to earn fair wages.

permalink
report
parent
reply
Avatar
jj4211@lemmy.world
13 points

Well, that’s not really “trickle down” as championed by Reagan, that’s more “use it or lose it”. He wanted to reduce those crazy high tax rates to give the rich the choice of whether to keep the money for later or to spend it now, with “trickle down” being the phrase to tell people that it’s fine, it’ll make it’s way out to everyone else… eventually?

permalink
report
parent
reply
Avatar
Rivalarrival@lemmy.today
1 point

Yeah, that and the “rising tide lifts all boats”. He neglected to consider that most of us had “run aground” between the 60’s and 80’s.

permalink
report
parent
reply
Avatar
Armen12@lemm.ee
-2 points

It only worked for white people, not people of color

permalink
report
parent
reply
Avatar
Rivalarrival@lemmy.today
3 points

People of color were certainly repressed during this time frame, but not because of punitive tax rates on the highest incomes.

I can’t think of any mechanism wherein people of color in the 1940s through the mid 1960s would have been better off if rich people were taxed lower. So, I would have to disagree with your assessment: The confiscatory top-tier tax rate did, indeed, benefit people of color, just not nearly enough to offset the harms of legislated segregation and institutional racism.

permalink
report
parent
reply

World News

!world@lemmy.world

Create post

A community for discussing events around the World

Rules:

  • Rule 1: posts have the following requirements:

    • Post news articles only
    • Video links are NOT articles and will be removed.
    • Title must match the article headline
    • Not United States Internal News
    • Recent (Past 30 Days)
    • Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.

  • Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think “Is this fair use?”, it probably isn’t. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.

  • Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.

  • Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.

  • Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19

  • Rule 5: Keep it civil. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.

  • Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.

  • Rule 7: We didn’t USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you’re posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world

Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

Community stats

  • 12K

    Monthly active users

  • 15K

    Posts

  • 261K

    Comments

Community moderators