Pass a law identifying and establishing money as a resource.

[Prosper]

Last edited Fri Nov 8, 2019, 09:42 PM - Edit history (1)

Money is a tool to facilitate trading in goods and services. Destroying jobs and livelihoods has no defense. As a resource laws could regulate money to keep it in the economy. People that found ways to accumulate inordinate amounts of money could either invest it in jobs producing investments or have any amount of money over 10 million dollars taxed at 98%. The 91% tax bracket at certain amounts of income has already existed and the USA thrived.

Federal - 1955 Married Filing Jointly Tax Brackets
Tax Bracket Tax Rate
$180,000.00+ 87%
$200,000.00+ 89%
$300,000.00+ 90%
$400,000.00+ 91%

And the USA thrived.

[Dem4Life1102]

1. Of course in 1955

Most of the world was still rebuilding from WWII and there was little international competition.

[FiveGoodMen]

2. Your point being?

Because we didn't have to let the corporations take over the world.

[Dem4Life1102]

3. The point being that it's not 1955 anyone

and it is a very different environment now. We should be looking toward the future and not the past.

[Hassin Bin Sober]

5. Yeah. It is different.

Wealth inequality is at record highs and corporations and super wealthy are paying record lows.

[Dem4Life1102]

7. True but we need new solutions

not old ones that may have worked in there time but won't work now.

[Voltaire2]

20. I know, hows about we tax vast piles of accumulated wealth?

Just a thought.

[Dem4Life1102]

21. That might work

[Hassin Bin Sober]

4. Personal income comes after the whole world competition stuff.

Is Jamie Dimon going to pick up all his bank branches and move them to Somalia?

How about Walmart and the Waltons?

Home Depot?

Lowe’s?

Ge?

Amazon?

Verizon?

Honeywell?

If corporations and their executives want access to the planet’s largest economy maybe they should start paying their fair share.

[Dem4Life1102]

8. Not saying they shouldn't

But thinking going back to the 1950s is not the way.

[pangaia]

9. I suppose looking back at the rise of Nazi Germany isn't the way either !

[Dem4Life1102]

10. False analogy

But since you brought it up, in 1940 French and British generals used tactics that had worked in WWI thinking they would have the same result. They didn't realize that the world had changed.

Which is my point. The world has changed since 1955. Just because something worked back then doesn't mean it will work now.

[oldsoftie]

12. Excellent response

[Dem4Life1102]

13. Thanks

[Prosper]

15. "The world has changed "

You are so right. 45000 people die earlier and suffer more denied health care.

Nearly 45,000 annual deaths are associated with lack of health insurance, according to a new study published online today by the American Journal of Public Health.

The right wing bought every possible law to make aquiring money cheaper, faster and easier.

Allowed usury rates on loans. Some loans have 250% interest rates.

Made NINJA loans to high school graduates inflating cost of college to exceed $160K while providing some super easy degrees that can’t earn a graduate a job.

Allowed deregulation of the stock market that almost collapsed the economy. And then socialized the debt.

Times have changed.

[Dem4Life1102]

16. Yes

And we need new solutions to address these problems. Not ones from 1955.

[Prosper]

17. We got here today by letting the right destroy

respect for human rights and destroy opportunity for the working class. No reason for a few people to destroy the standard of living for millions. It went backwards since the fifties. Then one person in could support a family. Now 2 people working can’t .

[Dem4Life1102]

18. Yes the world has changed

and need solutions that work for today, not from 1955.

[oldsoftie]

19. You forge a BIG reason things are so different from the 50s.

The US used to pretty much be the ONLY manufacturing power in the world. After WW2, we rebuilt most of the world that was destroyed by the war. We helped get all those other countries back on their feet to be able to take care of themselves. We introduced industrial capabilities to countries that never had them. And in doing so, we also helped create our own competition. Today, there are many countries that manufacture on a massive scale. Countries that 60 yrs ago hardly made anything more than what their country required.
Meanwhile, the Communist part of the world stayed stuck in the 40s; living backward depressing lives. Then the Iron Curtain fell, and even MORE countries entered the competition. Its a global world now. Theres nothing we can do to stop that. It will ALWAYS be cheaper to make things somewhere else.
Blaming all our problems on a handful of super billionaires is a cop out. Taxing the hell out of them might make you feel better and bring in a little revenue (but not nearly what you think it will), but it will do little to fix the problems we have or bring the programs we want.

[ritapria]

6. I'm not envious of the billionaire class

Their love of money has rendered most of them crazy as bedbugs ……A relatively . small portion of their wealth has to be transferred to the 50% of the country living hand to mouth …..This will help capitalism in the long run and greatly improve the lives of all Americans ………..

[oldsoftie]

11. Despite these high rates, the top 1% of taxpayers in the 1950s only paid about a 42% rate.

Because there also used to be a TON of deductions, so few people "made" that much taxable income.
Not to mention the unreported income problem we still have today

[BadGimp]

14. 180,000.00 in 1955 $1,693,705.62 in todays $$$s adjusted for inflation

ref:
https://www.dollartimes.com/inflation/inflation.php?amount=180000&year=1955