this post was submitted on 14 Sep 2026
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Disagree. It was a marginal tax rate for income over $400k. There were relatively few millionaires back then, so with the current runaway class income divide, it would assuredly do something regarding modern multimillionaires and beyond.
The solution would have to be twofold: tax the wealthy properly and close the loopholes (like taxing unrealized gains).
Though in general, I'm not a huge fan of this solution, because it's still pro-capitalism, but it would be a step in the right direction at the very least.
If you look at the data, by relative income there were more people earning the top marginal tax rate then than there are now. That's the entire problem and why it's a ignorant argument, it's based on income. Those multi-millionaires/billionaires are not earning income, it's investments that are driving their wealth. We already have a tax basis on that. So what the real change would be is to move to a wealth tax, however that has failed in every country it's been enacted in.