Wealth inequality in America

[*TheLeonardLeap*]

(07-26-2017, 04:34 PM)Yojimbo Wrote: There's a difference between what should/could be done and what will be done. Since our federal and most of our state governments are bought and paid for by the people/corporations that are causing the inequality problem, the "will be done" is more tax cuts for corporations and capital gains incomers.

What should be done is a return to the older tax code of extremely high percentages (75%+) on income/capital gains over ~$1 million.

Use that tax revenue to provide education and job training, those that receive better training and education tend to have higher earning jobs and then pay more in taxes.

Then you use that to provide more education and training and infrastructure projects. This creates a POSITIVE feedback loop.

Cutting taxes which leads to less spending on education/training, hourly workers being paid less because they are less skilled, lower wages leads to lower tax revenue, which leads to less money for education and infrastructure creates a NEGATIVE feedback loop.

What'd be the point of working hard or innovating, and making over $1m then? You'd be working for free 3/4ths of the time. More once you figure in state taxes, and the costs of actually going to work (car, insurance, gas, etc.)

"Work 10 hours, get paid for 1" sounds like a terrible idea.

All the country's rich people would just move away to other countries, taking their companies with them. Then we'd be stuck with only poor people, and even less money for education and job training for them, and less jobs on top of that.