Why America needs to go back to taxing the wealthy
By Dave Johnson
Back when it took time to make a fortune, business people had to rely on the health of the greater community to nurture their own enterprises. They had to think and act long-term. They had to carefully build solid businesses that satisfied their customers. They had to hold on to workers because their experience was valuable.
Meanwhile, the roads and bridges used by their trucks were kept in repair, our schools provided excellent education to their potential employees, and our courts were well funded to properly enforce contracts. Businesses and communities depended on each other to do well.
But once top tax rates were lowered, vast personal fortunes could be realized from a single quick deal. This created incentives for people to engage in activities that we can now see helped make our country a worse, and less prosperous, place.
Corporations became predatory, caring little for the community because executives planned to get rich quick and leave soon. Short-term business models that cut employees to the bone and took advantage of customers began to make sense.
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