We need to go back to a 90% or higher tax rate on income over some threshold, and fix the loopholes that let wealthy people have income that doesn’t count as income. Especially the “take a loan and pay that back and all the activity there doesn’t count as income for tax purposes” bullshit.
And tax corporate profits more, and make a corporate tax system that rewards real R&D (while auditing to prevent fake tax shelter R&D), rewards higher employee salaries and better benefits (instead of taxing those), and rewards infrastructure investments like new factories but also investments in efficiency, water use reduction, etc.
We need to go back to a 90% or higher tax rate on income over some threshold, and fix the loopholes that let wealthy people have income that doesn’t count as income. Especially the “take a loan and pay that back and all the activity there doesn’t count as income for tax purposes” bullshit.
And tax corporate profits more, and make a corporate tax system that rewards real R&D (while auditing to prevent fake tax shelter R&D), rewards higher employee salaries and better benefits (instead of taxing those), and rewards infrastructure investments like new factories but also investments in efficiency, water use reduction, etc.