Context: In 1935, Roosevelt called for a tax program called the Wealth Tax Act (Revenue Act of 1935), which imposed an income tax of 79% on incomes over $5 million. This new tax rate applied exclusively to John D. Rockefeller at the time.
by thequietthingsthat
29 Comments
We need a tax on unrealized gains.
Corporations should be required to attribute to individual stockholders earnings which are not paid out as dividends. That is, when the corporation sends out a dividend check, it should also send a statement saying, “In addition to this dividend of _______cents per share, your corporation also earned ________ cents per share which was reinvested.” The individual stockholder should then be required to report the attributed but undistributed earnings on his tax return as well as the dividend.
**Politicians**: Best we can do: giving your a tax break on capital gains.
**Public**: We’re starvin’ here!
**Politicians**: Ok, ok, you twisted our arm … maybe a one-time 5% wealth tax.
**Outraged billionaires**: no fair! that’s socialism!
**Politicians**: ok
Yes. But…look up the opinions of “Southern Democrats”
In the 1930’s…
Things change. Both for good and bad. It’s our job as the constituency to vote in the change we want and hold those elected accountable.
Bullshit, democrats raised taxes on the rich (400k+) the very last time there enough democratic votes in congress to do so
Democrats in the 1930s had that ability because they won the 1932 election so completely that they had a huge majority in the House, a supermajority in the Senate, and the Presidency. This is partially because the Hoover administration was utterly incompetent and partially because they actually promised substantive things with the New Deal: social security, labor law reform, regulation of banks and finance, bank deposit insurance, and help for farmers who were going bankrupt. Interestingly, most of these issues are *relevant now.*
The Kamala Harris campaign promised a tax credit for people starting small businesses. That would help a tiny portion of the constituency. Most people *don’t* want to be small business owners. They just want to live their lives.
If Democrats want to win like the 1930’s again they need to make bigger promises which will make rich people upset. FDR was frequently called a class traitor for a reason. Commit to passing the PRO Act. Promise Medicare for All. Promise to reign in the banks, big tech, and the crypto market.
The politicians we elect are an absolute representation of the people that show up to fucking vote.
everybody wants to have a protest vote nobody wants to get involved nobody wants to run for office and nobody wants to vote for a Democrat that’s not perfect as if a perfect human exists.
we’ve had 40 years of this dog shit and sadly to my mind the far left has cost us everything and now we live in a world where our daughters have less rights than our grandparents did.
Honestly, *fuck* any politician who acts like a limp noodle for billionaires and foreign interest.
If you are going to fight, you aren’t getting my vote.
Which democrats say they don’t want to raise taxes on the rich?
Yeah, w/e they try to tell you your a radical leftist remember this, taxing the rich is an *old* concept and it works.
Eisenhower over here building highways with his 91% income tax on the wealthy.
Keep dreaming. Y’all’s bosses and ruling class got us all under thumb.
Long as all the white folks are still fat and happy, this will just get worse.
Not true at all! Democrats would definitely tax the rich–that’s what they have been saying for quite a while!
this reminds me of when my friend argued about tax brackets at a party
Most politicians aren’t dumb. They know taxing billionaire will fmhelp fix the economy. They know that’s how it worked in the past. And they know most billionaires won’t leave the US because they are being taxed more.
The oppose a billionaire tax because billionaires literally pay them to oppose it. They aren’t dumb, they are corrupt and spineless
Fuck them all into oblivion. I’m done with voting for lesser evil. Dems need to come up with better policy that “orange man bad”. Something like stop funding for genocidal state of Israel and ICE for beginning.
That’s when the “titans of industry” got together to fight labor and the New Deal.
You get what you vote for.
The people who voted for FDR understood that.
They are public servants. They do what we say, not the other way around.
This was before the oligarchy bought the congress with citizens united.
Here’s a legitimate idea: nationalize the stock market via 401k public vote ownership.
Essentially, add a check to the unfettered capitalism. Like, people can vote on their phones for that kind of stuff.
Netflix raised the monthly fee? We vote to lower the C-suites pay. Walmart cuts jobs for drone delivery service? We vote to replace the c-suite with AI.
Last I checked, it’s a republican president thats giving rich people a tax cut.
“Because it would hurt our bank accounts”
Democrats in 1935:
> Oh no! Labor in our country has organized and is threatening a revolution! Quick! Make some concessions so they still think that there’s a future under capitalism!
Democrats in 2026:
> Hehe CIA go brrrr
https://preview.redd.it/ebj68vuffyxg1.png?width=1202&format=png&auto=webp&s=926017c365654bdab57af004b95cc90e7a7f0bda
Democrats today are closer to republicans during the time of FDR and JFK, than the those actual Democrats.
Rockefeller’s only mistake was not owning all the media.
Ah, the progressive era. Good times. Until Coolidge ruined everything.
Now let’s do conservatives. Is there a meme for old pedophiles spreading their cheeks for rich oligarchs? Or are they the same?
Misleading.
It ain’t Dems that keep giving billionaires free money at every turn.
Weak and untruthful take. They literally try to raise taxes on the rich all the time.