We should just have pharaohs, that we slaves can erect great monuments for It’s the most wonderful time of the year Christmas Cats black sweater. We taxed wealth considerably more until the 1980s when Regan invented “voodoo economics” & convinced people (Congress) that wealth would trickle down to the poor if we just gave it back to the rich. We were warned then that the gap between the haves & have nots began to grow. Richard Medina wealth is the total of all your assets, income is the amount of money you receive each year from outside sources, or from your assets.
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You really have no concept of reality or It’s the most wonderful time of the year Christmas Cats black sweater. Along with the higher tax rates were huge deductions that made almost 90% of income nontaxable. Since the 1% hasn’t been taxed much on their income these past decades, it seems that taxing some of the wealth generated by those policies is fair. As usual, you know practically nothing about my experience with reality or history. Neither do you know the extent to which I have studied economics? What’s important is the fact that I am willing to learn from anyone who makes a cogent & relevant argument. And you are correct that deductions reduced the total amount taxed. But that left considerably more revenue than cutting taxes to the bone. The rich will always find ways to avoid taxes. It’s sad but not illegal.