Food for thought: Trickle-down economics got us here.
I know a lot of people may not know or remember this, but before Ronald Reagan, the rich paid a 70% tax on anything over $1,000,000 in today's money. Today, the rich pay close to $0 and often $0 through tax loopholes.
That 70% rate acted as a behavioral whip. Wealthy company owners knew that if they paid themselves massive cash salaries, the government would take 70%. So instead, they often chose to reinvest that money back into their businesses and workers. That allowed companies to offer high-quality medical benefits, excellent vacation packages, fully funded retirement plans, and stable wages.
When you hear the older generation pretend they didn't live in a different America, that is disingenuous. That structural reinvestment is why people from the 50s to the 80s enjoyed a significantly better quality of life. The middle class carried a lighter tax burden relative to what they received, allowing them to live comfortably on a single income, own a home, a car, and feed their families.
Today, those tax cuts and loopholes contribute to our inability to afford basic human rights such as proper education, food, and healthcare for people in need. I know the rich like to argue against paying their fair share. They also like to claim they are self-made, but in reality most got rich off the backs of underpaid people, our resources, our infrastructure, and government subsidies mostly paid for with the taxes of everyday people.
I am not advocating for a 70% tax rate. Though I want you to think about what the deficit and our country would look like if everyone paid their fair share. The rich can easily afford an increase that ends up looking like a rounding error for them and makes the country a better place.
I cite NYC as my example.