Some of the most prosperous periods in US history (1950s and 1960s) have come during periods of super-high marginal income tax rates. And some of the most disastrous periods in US history (1930s, 2010s) have come after periods of super-low income tax rates.
In the good periods, moreover, the middle-class boomed and inequality between the country’s highest earners and everyone else shrank. In the bad periods, meanwhile, inequality soared, and the richest 1% of the population came to earn a staggering amount of the country’s income. (In the past, this inequality was addressed by a massive hiking of tax rates, which we imagine will eventually happen this time, too.
“Business Insider” certainly doesn’t sound like a liberal biased site.
It is a simple historical fact, higher taxes on the wealthy have meant prosperity of the nation.