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1. Qasim Rashid, Esq. (qasimrashid@mastodon.social)'s status on Monday, 01-May-2023 01:53:33 JST Qasim Rashid, Esq.

   A quick history lesson. From 1940-1980:
   •Wealthiest paid 70-94% marginal tax
   •0 of them went broke from taxation
   •0 of them left USA
   •All remained exceedingly wealthy
   •Manufacturing boomed
   •The middle class was 62% of US economy (It's now 40% post 'trickle down scamenomics)
   •We had the strongest middle class growth in US History

   Let's do that again. Stop protecting billionaires. Start taxing them.
   #TaxBillionaires

   • pmonks (330ppm) (pmonks@sfba.social)'s status on Monday, 01-May-2023 01:53:30 JST pmonks (330ppm)

     in reply to

     • 🎓 Doc Freemo :jpf: 🇳🇱

     @freemo again, that’s not how progressive tax systems work. Khan Academy has a good explainer that might help explain where you’re going wrong: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/tax-brackets-and-progressive-taxation @QasimRashid

   • pmonks (330ppm) (pmonks@sfba.social)'s status on Monday, 01-May-2023 01:53:31 JST pmonks (330ppm)

     in reply to

     • 🎓 Doc Freemo :jpf: 🇳🇱

     @freemo that’s not how progressive tax systems (including the now-watered-down one in the US) works. No one paid 94% of their entire income in tax, pre-Reagan - that would have been a flat tax system (which the US has never had to my knowledge), and as you so rightly point out is grotesquely unfair (especially to lower income workers) @QasimRashid

   • 🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Monday, 01-May-2023 01:53:31 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     • pmonks (330ppm)

     @pmonks

     Yes I am well aware how income tax works. But yes as you get father above the 200K bracket the closeryoull get to 94%. So yes you have tax rates abusively high for the rich that can approach 94%, if your rich enough you are effecitvely paying 94%.

     @QasimRashid

   • 🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Monday, 01-May-2023 01:53:32 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     @QasimRashid I mean, It was abusive and unfair, which is enough reason for me to give it a hard no... **no one** should be taked out of 94% of their income, regardless if they can survive it.

     That said, I can pretty much garuntee the whole "0 of them left" and "0 of them went broke" is pure nonsense, you have a source for that?

   • pmonks (330ppm) (pmonks@sfba.social)'s status on Monday, 01-May-2023 01:53:44 JST pmonks (330ppm)

     in reply to

     • OpenDNA⚙️
     • 🎓 Doc Freemo :jpf: 🇳🇱

     @freemo repeatedly calling something “abusive” doesn’t make it so, and I hope this conversation is encouraging you to reconsider that dogma with an open mind. @opendna @QasimRashid

   • 🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Monday, 01-May-2023 01:53:45 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     • OpenDNA⚙️
     • pmonks (330ppm)

     @opendna @pmonks @QasimRashid

     The Dutch taxes on the highest tax bracket is also highly abusive. So not sure thats a great comparison.

   • OpenDNA⚙️ (opendna@mastodon.sdf.org)'s status on Monday, 01-May-2023 01:53:46 JST OpenDNA⚙️

     in reply to

     • 🎓 Doc Freemo :jpf: 🇳🇱
     • pmonks (330ppm)

     @freemo @pmonks @QasimRashid First of all, the top US tax bracket is 7x higher than the Dutch one, and 12.5% less. The "OUTRAGEOUS" Biden proposal to raise the top income tax bracket would still have Americans earning ~€489k paying rates like Dutch earning €35k.

     Second, even when top US rates were +80%, almost nobody was paying them. Why? Because the whole point was to redirect income into capital investments.

   • 🎓 Doc Freemo :jpf: 🇳🇱 (freemo@qoto.org)'s status on Monday, 01-May-2023 01:53:47 JST 🎓 Doc Freemo :jpf: 🇳🇱

     in reply to

     • pmonks (330ppm)

     @pmonks @QasimRashid

     Please feel free to explain specifically where you think i went wrong. I deal with these sorts of taxes daily as the EVP of a company.