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Joined 29 days ago
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Cake day: March 10th, 2025

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  • Three points. Firstly, in the 1950s, CEOs earned around 20 times what the lowest-paid employee did (including things like bonuses, shares, etc). Now the average is around 400, but can be as high as 2,000.

    Secondly, in the US in the 1950s the highest tax band was 91%. Today it’s 37%.

    Both these things are perfectly sustainable. And all that’s working under the false premise that there aren’t numerous tax loopholes available to the rich but not the poor.

    Thirdly, there’s a tonne of research into what best stimulates economies, but it’s often dismissed because it doesn’t favour the rich. If you give money to the poor, they will spend it in their local communities. Then that money gets spent again, and again, and again, getting taxed each time. IIRC, for every dollar given to someone poor the government itself gets something like a dollar fifty back. Because the money just keeps circulating.

    Give money to the rich, though, and what happens? They hoard it, or they spend it abroad. It drains money from the country, either by taking it out of circulation, or by taking it out of the country entirely.