In 1960, the top marginal tax rate was 91%, applying to income over $200,000 for single filers — equivalent to roughly $1.5 million in today’s dollars.
I really don’t think it would take a radical overhaul. Personal income and wealth caps coupled to income and wealth floors would go a long way. Corporate caps would require a bit more complex calculations, but that’s the cost of doing business with a liability shield.
If you mean a social overhaul is necessary to address the intrinsic tendency of capitalism towards accumulation and clustering of both capital and power (i.e., it necessarily bends towards authoritarianism, often fascism), then, yeah, I concur. We would need to do away with capitalism and the idea that the purpose of “wealth” is to increase wealth to the benefit of the initial holders of the wealth.
I really don’t think it would take a radical overhaul. Personal income and wealth caps coupled to income and wealth floors would go a long way. Corporate caps would require a bit more complex calculations, but that’s the cost of doing business with a liability shield.
If you mean a social overhaul is necessary to address the intrinsic tendency of capitalism towards accumulation and clustering of both capital and power (i.e., it necessarily bends towards authoritarianism, often fascism), then, yeah, I concur. We would need to do away with capitalism and the idea that the purpose of “wealth” is to increase wealth to the benefit of the initial holders of the wealth.