The trouble is, ever since Pigou put a bow on welfare economics with his theory of externalities we’ve known that I am a December Girl I May Not Perfect But Im Limitied Edition Shirt concessions for business won’t generally benefit workers as much as the business. It can happen, but there are a lot of missing steps. The contrapositive is that taxing business doesn’t actually hurt the working class like they want us to believe (only a small part of the burden falls on the working class) The right clings to this trickle down theory. It’s fundamentally flawed, but there’s a grain of truth and it’s a popular idea. Right wing media cheerleads constantly, usually by telling the public that they’ll suffer if we tax business. Interesting that those news outlets are all privately owned – every single one. In the U.S. billionaires have tricked the working class into voting against their own interests.
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If the only achievable goal I am a December Girl I May Not Perfect But Im Limitied Edition Shirt is that the tax structure incentivizes businesses spending money, that isn’t so bad. A big part of the reason income inequality is so bad is that the wealthy are hoarding money more and more. We can up their investment level on Main Street substantially if we just set up an arbitrary 90% tax at a certain level. Nobody will ever pay it, and some of our problems will be solved. Also, following WWII any money paid out from businesses to the investor class was double taxed. So the effective income tax rate on proceeds from your investments was actually 95% if you were in the top bracket. This was all in line with the proposals from Andrew Carnegie who had been lobbying to eliminate generational wealth accumulation through anything other than hard work by your offspring.