The clearest argument I’ve read for Elizabeth Warren’s 2 cent wealth tax.
Please read Olivia Balsamo’s excellent article on Yahoo Finance.
finance.yahoo.com/...
The U.S. used to have the most progressive tax system in the world, with top marginal income tax rates of more than 90% in the post-World War II decades, to estate tax rates to of close to 80% from the 1930s to the 1980s, and then you had a dramatic change in the 1980s. The top marginal income tax rate was reduced to 28%, and today, in 2018, for the first time in the last hundred years, billionaires have paid a lower tax rate – all taxes included – than the middle class and the working class. Yahoo Finance