It’s time to raise taxes on the rich. Prior to 1980, the highest marginal tax rate was never below 75%. In the 1950s, it was 91%. Those decades after World War II and before 1980 were America’s greatest economic years of prosperity. The American middle class flourished. Our national debt prior to 1980 was about $800 billion.
Since 1980, the wealthiest individuals have quadrupled their wealth, while the incomes of the middle class have shrunk in real terms. Real unemployment is now between 16% to 18%. It is time to increase the highest marginal tax rates on the wealthy.
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Stop the hemorrhaging of the American middle class. As Warren Buffett said, it’s class warfare, and the rich are winning. Isn’t it time to fight back?