The U.S. has never had wealth taxes. We had high marginal rates. But as noted in the sibling comment it didn’t actually raise more money.
If you wanted to go to high marginal rates on income, that’s the AOC 70% top margin rate proposal I mentioned above. Even optimistic estimates are that it would raise like $30-70 billion a year. We need to raise taxes by 30-50 times as much just to close the budget deficit.
If you wanted to go to high marginal rates on income, that’s the AOC 70% top margin rate proposal I mentioned above. Even optimistic estimates are that it would raise like $30-70 billion a year. We need to raise taxes by 30-50 times as much just to close the budget deficit.