A graduated income tax, where the wealthy pay a higher tax rate, has been one of the pillars of our country’s 20th century economic success. From the beginning of the century and especially from the 1940s to the 1970s, our economy grew substantially. But since that time the tax rate for the rich has dropped and our growth has steadily dropped off.
Many studies have shown that a tax code that helps the rich correlates closely with a slower growth of the whole economy. And during recent decades, the gap between the rich and the rest of us has increased disastrously.