@Em0nM4stodon confiscate everything past $25 million, a house, and up to five cars. Nationalize their companies and properties. Then give them a little plastic trophy that says “capitalism participation”.

@jzb @Em0nM4stodon Just bring back the 70% top tax bracket.

@baishen @jzb @Em0nM4stodon

70%? What's wrong with 92%?

@baishen @jzb @Em0nM4stodon nah , let's got to 93% , and then 100% at a point so we can just stop the race

@baishen @jzb @Em0nM4stodon

Forbid corporations from holding stock in other corporations. Yank limited liability from multinationals.

@Uair @jzb @Em0nM4stodon Nothing. I just like pointing out it was 70% during these great times right wingers go on about.

@mrose @jzb @Em0nM4stodon No idea regarding Corp tax back then, but whatever they were doing worked.

@baishen @jzb @Em0nM4stodon

The top marginal rate in the US dropped from 91% to 70% over the years '63 to '65.

I thought a) it was 92% and b) it was 92% until at least the end of the 60s. Thanks for inspiring me to refine my understanding.

Revenue Act of 1964 - Wikipedia

(en.wikipedia.org)

@Uair @jzb @Em0nM4stodon Oh, damn. I've been misremembering all this time.

Thanks!

@jzb @Em0nM4stodon

OK, first do a jubilee. It's now calculated that $70 trillion migrated upward from the rest of us to the top 0.1% between the years 1980 and 2024. That's $200k per citizen, and since it was fraudulently obtained, I have no problem adding a 100% penalty for corruption and tax evasion. Appropriate that back. Bang! Four hundred thousand dollar deposit in every American's bank account.

Then we tether a maximum wage to the minimum wage. Tax earned and unearned income the same, and determine by a multiplier of the federal minimum wage how much inequality we want in our society. I'd go as high as 10x, although that would seem pretty obscene after a generation or two. 10x $7.25/hr works out to about $150k/yr before taxes. Anything over $150k/yr gets taxed at 100%. Eliminate all the loopholes and accounting tricks.

That's not much, but it'd be a good start to build a better nation. It's a decent foundation.

@Uair @jzb @Em0nM4stodon Hey can we go above 100% for tax evasion above 1K? Screwing over everyone else should be costly

@Em0nM4stodon maybe it should be like score rollover that you go back to zero if you go past nine nines. #Nibbler #Github

@Em0nM4stodon I agree, but I think that these people are like the fruiting bodies of fungal colonies. The whole system of wealth and accumulation needs to be dealt with. Stop billionaires and the causes of billionaires.