The global movement to tax billionaires, much to the dismay of the 1%, is gaining steam. Sure, wealth taxes are not a panacea for the ruinous problems caused by capitalism, but the fact that the rich hate them is a good reason to pursue them further.
My only quibble is that I think the top marginal rate should go back at least to the 94% it was in 1944, not just 70%. In fact, I’m not sure there is any reason the top marginal rate shouldn’t just be permanently set to 100%, with the only variable being how high that margin is.
Oh I absolutely agree.
I only recalled at the time that it was at one point 70%, couldn’t be arsed to research further at the time for a mere online comment.