What Socialists think the 1950's were like
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I’ve seen this argument of “the wealthy were taxed at 80%” that they push. Also I’d say in the 50s personal responsibility was higher. But so many people today think that taxing rich person will turn us into a utopia
They have no concept of a finite resource. It's the only thing that makes sense.
Reminds me of the Sowell quote the first law of economics is scarcity and the first law of politics is to ignore the first law of economics
That's a good quote and a better reason to hate politicians.
Well the full quote is “the first law of economics is scarcity, there is never enough of any material to satisfy all who need it, and the first law of politics is to ignore the first law of economics”. Or at least something close to that. His book Basic Economics is really good
Of course they don't. The rejection of the reality of subtractive economics is one of the foundational principles of leftism.
Which is ironic because money actually is an infinite resource for the US government, at least until somebody figures out how to hurt very expensive carriers with very cheap AliExpress drones in a way that can't be covered up.
This is only since the discarding of the idea of a backed currency. Removing the gold standard turned the dollar from a representative token for metal into a piece of paper with imaginary value.
Not like the federal government needs taxes now that it has an infinite money machine.
And trying to explain inflation is pointless
These same people probably don't understand the (legal) differences between a private company and a corporation, or how differently tax laws apply. They just bunch any kind of success into the same damn echelon, and then assume the system is broken because of "capitalism".
Granted, I suppose sometimes Rinos have given a little too much credence to cutting corporate taxes while continuing to tax the hell out of private companies. At the very least they also try to advocate for cutting down on government spending, unlike leftists.
Corporate taxes are why dividends are dogshit; an investor can easily be triple-taxed on payout depending on how the company is structured. It's why nearly every company today does share buybacks and chase "number go up" at the expense of slow-but-steady profits.
Corporations came up with benefits such as health insurance because it was illegal to pay a CEO over the income cap FDR set up.
I do tax witholding and I still had to write a gigantic check.
Thanks. I assumed it was something like that.