In the past thirty years, the top 1% in America have added $21 trillion to their wealth, while the bottom 50% has lost $900 billion. We know from history that democracy cannot survive such conditions.
Fascinating reframing of FDR's court-packing plan as democractic authoritarianism rather than just authoritarianism. The distinction between using concentrated power to protect democratic outcomes vs destroy them gets lost in most liberal discourse. Experienced something similiar in local organizing where our coalition had to bypass normal channels to actually get housing protections passed, the established proccesses were designed to delay any real change.
Someone made the argument on YT that jews ushered in democracy because collective decision making made it nearly impossible to expel them as had been the case formerly under monarchies.
@Moshik, are you sure about your assertion here, "The Revenue Act of 1935 raised federal income tax by introducing the “Wealth Tax,” a progressive tax that took up to 75% of the highest incomes and which led to the greatest period of growth"? Sure it would have grown the revenue, but wasn't it the massive military spending and production that was the reason for the growth? The US could have bored that same amount and produced the same level of growth, no?
@Nizar, thanks for pointing this out. I think I rely too much on the word "led" here, which causes the confusion. You are right that this measure didn't by itself immediately lead to the period of growth. The investment in the US war machine in WW2 pulled the US out of the Depression, and the high progressive taxation started in the FDR presidency, with these rates on the wealthiest, and lasting all the way through the 1960s, coincides with the period of the greatest economic growth in American history. But it definitely "starts" with FDR in the 1930s.
Limited liability, the bedrock of corporations and the stock market,was considered a sin in Christianity and caused a moral outrage in the church upon inception in Europe 400 years ago. Being able to walk away from one's debts is also extremely problematic from an Islamic point of view. Islam has its own investment vehicles that do not rely on LL. The stock market should be boycotted.
Fascinating reframing of FDR's court-packing plan as democractic authoritarianism rather than just authoritarianism. The distinction between using concentrated power to protect democratic outcomes vs destroy them gets lost in most liberal discourse. Experienced something similiar in local organizing where our coalition had to bypass normal channels to actually get housing protections passed, the established proccesses were designed to delay any real change.
Someone made the argument on YT that jews ushered in democracy because collective decision making made it nearly impossible to expel them as had been the case formerly under monarchies.
@Moshik, are you sure about your assertion here, "The Revenue Act of 1935 raised federal income tax by introducing the “Wealth Tax,” a progressive tax that took up to 75% of the highest incomes and which led to the greatest period of growth"? Sure it would have grown the revenue, but wasn't it the massive military spending and production that was the reason for the growth? The US could have bored that same amount and produced the same level of growth, no?
@Nizar, thanks for pointing this out. I think I rely too much on the word "led" here, which causes the confusion. You are right that this measure didn't by itself immediately lead to the period of growth. The investment in the US war machine in WW2 pulled the US out of the Depression, and the high progressive taxation started in the FDR presidency, with these rates on the wealthiest, and lasting all the way through the 1960s, coincides with the period of the greatest economic growth in American history. But it definitely "starts" with FDR in the 1930s.
Bravo!
Limited liability, the bedrock of corporations and the stock market,was considered a sin in Christianity and caused a moral outrage in the church upon inception in Europe 400 years ago. Being able to walk away from one's debts is also extremely problematic from an Islamic point of view. Islam has its own investment vehicles that do not rely on LL. The stock market should be boycotted.