What you fail to understand is that it is not expected for the tax revenue from the people making tons of money so that their income above $10 million gets hit with 70% to pay for "Medicare for all."
Higher marginal tax rates on the incomes above a certain level (not the entirety person's income from their 1st dollar onward is going to be tax at 70% as some fox hosts try lie people into believing) are not expected to get no reaction.
If a business man has a business or a few that is/are profitable enough for him to gain tens of millions of dollars on income with a high marginal tax rate he may think "I'm not giving the Government all this free money" then decide to take a lower payday and keep much more of the money in his business(es)
what happens then? likely the business(es) will grow larger and expand, benefiting more of the economy as a whole than just one person with if the top marginal tax rates were lower.
As stated in the video by the MIT professor during the decades of 70% plus marginal tax rates growth was very good in the U.S.
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Remember the good ol' mid-40s to late-60s, when the US economy was creating jobs and a middle class?
Massively high marginal tax rates that INCENTIVED the would-be billionaires to instead
rough it as lowly, sad multi-millionaires, while reinvesting in their golden goose companies.
Lowering the highest marginal tax rates from ~70% to the low 30%, was the first step to making it profitable to start liquidating US Industry. Then paired with "free trade" agreements, allowed the offshoring of the remaining US Industry. The liquidation/mothballing/offshoring of US Industry had the added BENEFIT (to JobDestroyers™) of creating excess labor, i.e. unemployed workers, which causes wage/benefit stagnation...AND helped the banks by creating a massive need for credit just to keep up with the American Dream. (Let's be clear: society/culture paints a picture, purposefully, to get people to buy shit, whether it be a house, a car, a washer/dryer, etc. Please don't scream about how everyone should just live in a one-room hovel and save their $7.00 an hour. If everyone did that, our ENTIRE ECONOMY WOULD DIE).
The funny thing about modern US conservatism is that their models have been used for the past 40+ years, with nothing to show for it but increased public debt, increased private debt, decreased employment, and stagnant wages/benefits. It's all a feature, not a bug, of the TrickleDown™ con. And there isn't another country that even remotely uses their model and provides the benefits they keep promising.
Meanwhile, here in objective, observable reality, all of that "lost" income from the masses has created the increased amount of people who own more wealth than is even remotely sustainable, aka fucking BILLIONAIRES.
It's tragic, and somewhat hilarious, that the TrickleDown™ model is still being used here, with fucking Billionaires still claiming that at some point, if they just own enough of the economy lock and key, it's going to TrickleDown™ all over the shrinking middle class now scraping by as the enlarging working class.
Tragic, but kinda hilarious.
Maybe some day we'll stop digging this fucking quarry we've created for ourselves. But that'll only come when the billionaire wealth-addicts aren't allowed to hold the entire wealth of the country with promises to eventually distribute it.
It's like giving the raging alcoholic control of the liquor cabinet after they promise that they'll be serving everyone at the open bar. The middle class has been ponying up to the fucking bar for 40 years of increased productivity and hard work, and that god damn alcoholic has either drank the liquor or stashed it all away where only they can get it, while making the rest of us Shirley Temples with promises that they're about to pour us a real drink...if we just provide them some more alcohol.
How many more fucking decades do modern US conservatives need before they realize that the only thing the Republican party will ever act on is giving the wealth addicts even more fucking money? And that they, as middle-class/working-class are going to continue to be used as useful idiots with promises that are never going to be kept?
Tragic, and hilarious.
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