this post was submitted on 07 Dec 2024
299 points (100.0% liked)
A Boring Dystopia
9880 readers
938 users here now
Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--If a picture is just a screenshot of an article, link the article
--If a video's content isn't clear from title, write a short summary so people know what it's about.
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Crime. Corruption. Spending a few hundred million on tax lawyers.
We need to raise corporate taxes back to 90%. Before yall get your nuts all twisted. They could write off most of that back in the day by raising wages and reinvesting into the company to grow it.
THAT is what built the industrial juggernaut that won the Cold War. That was the main cause. It's what made the US economy so indomitable.
Nowadays they pay a pittance and reinvest nothing. They stagnate wage growth. And that's why we've been stuck in this boom bust cycle for decades.
I've never heard this argument before. Do you have any good articles or books to recommend on the subject?
Suppose you're $10,000 into the top tier, and the top tier is taxed at 91%. That means you have a choice.
You can take 9% of that money and use it for any personal purpose, such as padding your investment portfolio.
Or, you can take 100% of that money, and use it for a "business purpose". Maybe you put that money toward the salary of your best worker. Maybe you give a bonus to your research team. The point is that you can find a way to get $10,000 of business value from that money, or you can get $900 of personal value from that money.
Maybe you decide to try to defraud the IRS and claim a personal expense as a business expense. You put it towards a new car, claiming you need something better to get you to business meetings. You buy a car with that money, and in doing so, you give the seller a paycheck. Your act of tax fraud still achieves the purpose of the punitive tax rate: putting that money into the pockets of workers.
Our current top tier tax rate is 37%. Now, you have the option of $10,000 of business value, or $6,300 of personal value. Put that $6300 into an index fund and it doesn't go to workers. With this tax structure, of course worker wages are going to stagnate. They can't see the "carrot" and there is no "stick" to incentivize business spending.