Here is something that has been erased from people’s memories: The top income tax rate used to be 90%+ and the corporate tax rate was 52%. This was in both the US and UK. The inheritance tax on the rich was 77% in the US, 85% in the UK.
AFTER you took home a nice amount of income, then the rest, above a certain amount, was taxed a lot. People with high incomes were still quite well off, but these taxes prevented the extreme inequality we see all around us now. It also prevented the wealthiest from being able to buy the government.
And obviously there was plenty of investment. Society managed quite well.
Then It All Changed
Reagan and Thatcher changed all that, with “trickle-down” economics: If you give tons of money to the rich, then they will do what’s best for society and that money will “trickle down” to everyone else. They even promised that tax cuts would “pay for themselves.” This was a Republican talking point for decades!
Instead Of Taxing The Rich, Countries Now Borrow FROM The Rich And Pay Interest TO The Rich
Now instead of taxing the rich and doing things to make people’s lives better these countries “borrow” that money back FROM the rich and and pay “interest” TO the rich. The US pays interest payments of more than $1 TRILLION a year TO the rich. The UK pays over £110 billion.
And now these countries that used to do so much for the public say they’re “broke” so they can’t.
This can be undone, but only if you take the money out of the political system so these ultra-wealthy can’t just buy elections.


