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Homeowners Refuse to Accept the Awkward Truth: They’re Rich - Owners of the multi-million-dollar properties still see themselves as middle class, a warped self-image that has a big impact on renters (thewalrus.ca)

submitted 2 years ago by RehRomano@lemmy.ca to c/canada@lemmy.ca

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[-] alvvayson@lemmy.world 42 points 2 years ago

Ding ding ding.

This is why the rich try to muddy the waters.

They try and make it appear as if the homes and retirement funds of the middle class are somehow equivalent to the hundreds of billions owned by the rich.

Fun fact: if we would tax the rich and lower taxes on the middle class, we would get something closer to socialism. Under pure socialism, where everyone owns an equal share of the total wealth, the average household would actually be worth $1.6M.

Any household with less wealth than that is actually doing worse under the current system compared to full equality.

[-] vivadanang@lemm.ee 17 points 2 years ago

We need to roll back to 1955 tax rates:

Eisenhower individual income above $200,000 was taxed at 90%, above $300,000 at 91%, and above $400,000 at 92%. That’d trim Musk Bezos etc. down to size, fund education, fund social security etc.

Corporate taxes topped out at 52% - the tax rate was 30% for the first $25,000 in profits that a company made, and 52% for anything over that amount.

Of course, adjust these floors with with inflation taken into account - $300,000 in 1950 = $3,772,843.22 in 2023 - so multimillionaires and up.