You are correct! And it’s crazy how effective those high corporate tax rates were at distributing wealth to better society and create a healthy middleclass of consumers to fuel an economy and prevent it from collapsing.
Weird how everything’s turning to shit now that corporations don’t pay taxes and use all their earnings to influence government elections instead of needing to actually be accountable to them.
“Too big to fail” was actually just “too big to stop.” So now where there used to be a US government, there is a handful of billionaire cultists.
The middleclass 100% existed. Billionaires just stole it. The money that drove US spending across 3 decades is now all in 5 people’s bank accounts doing jack shit to help anyone but those 5 people.
Higher corporate taxes = a middle class. See most Nordic countries as a great example that still exists.
Thank you for making this point. A middle class is the sign of a functioning society.
TubularTittyFrog@lemmy.world 2 hours ago
actually most middle class voters voted and supported for the policies that destroyed them.
EightBitBlood@lemmy.world 58 minutes ago
Who do you think was responsible for convincing the middle class to vote against their own best interests?
It was the people who didn’t have to pay taxes after Reagonomics. They used their money to fill television, print, and eventually social media with propaganda. Propaganda that taxes were too high (for them) despite our entire social safety net outgrowing it’s sustainability.
And this form of propaganda was SO effective, the Russians figured they would do the same. Then the Chinese. Now the Saudis. So now we have just about every country in the world that hates America purchasing every second of entertainment they can to make sure we’re always voting against our best interests to the point we just about don’t have a country.