this post was submitted on 29 Mar 2025
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I wrote this on a similar post a day or two ago, so I’ll repost it here:
There were very few people this applied to.
The real reason is the corporate tax rate.
It was 52%. Today it’s 21%., and it’s effectively close to zero for many corporations with the tax loopholes used to avoid taxation. Shell corporations, deferring taxes, what have you.
So the US has lost more than 50% of the corporate taxes by % since the ‘50s.
E: the decline in tax % is pretty closely followed by the dramatic rise in CEO compensation. The wealth being funneled to the top by cutting corporate tax got us the billionaire oligarchs we’re dealing with today.
The top-tier tax bracket motivated businesses to increase their spending. When the IRS is going to take 91% of any additional profits you are going to make, it is better for you to spend that money on tax-deductible "business expenses" than to keep those excess profits.
Those "business expenses" are someone else's paycheck, so even if they were bullshit, they were a benefit to society.
Now, they just take those profits, invest them, and expect the economy to return more money to them than they put in. They converted that money from someone's paycheck into a debt owed back to them.