I remember Bill Clinton and Newt Gingrich worked together to put the economy on track, raise taxes, and reduce the National Debt to the point of disrupting the world’s banking system. They paid of all the 30 year bonds, most of the 20 year, and were making a dent in the 10 year. National banks around the world pleaded to go no further because they use the bonds as a reserve.
Some years ago I read a study about individual and corporate income tax rates. The study shows a rate up to 60% had little to do with a person’s spending and life style. Lower taxes increases management income through salary, stock options, and golden parachutes. It had little effect on operations at a rate below 40%. Those are effective rates and not one with thousands of deductions and loopholes. Bezos paid no Federal Tax and Buffet pays less than my wife and I.
Before the Trump tax cuts, multi-billionaire Warren Buffet said his effective tax rate was less than his secretary’s. He and many other billionaire’s have said tax rates are unfair.
President Biden has proposed a budget fixing the country’s problems but with a half-way increase in taxes. We need those fixes to help us catch up with the rest of he other advanced countries. We need the international 15% minimum corporate tax passed.
As a deficit hawk I had much rather see taxes on the super rich and wealthy corporation go up than increasing deficit and debt. We need the fix more than we need the rich to keep benefiting from lower effective rates than 99% of us. It’s wrong when they pay several percent less than me.