More than one Democratic contender in next year's presidential elections are campaigning on some plan to tax the wealthy.
"Something is happening here," he said."We are beginning to have a discussion about that that we haven't had since the 1960s or even the 50s."
Top marginal tax rates in the United States were very high following World War II, maxing out at 94 percent. They began to fall in the 1960s and were slashed again under President Ronald Reagan in the 1980s. In late 2017, Donald Trump and the Republican majority in Congress cut corporate and personal income tax rates, despite unanimous Democratic opposition which denounced the tax overhaul as a giveaway to the rich.
Trump, himself a billionaire, has attracted widespread scorn for refusing to disclose his own income tax returns, and accusations that his family maintained its wealth by evading taxes, an accusation he denies."People are willing to tolerate rich people getting richer as long as middle class people are also doing better," he said."When the middle and laboring class is stagnating, that creates social tensions.
A Morning Consult poll conducted late last month for Politico found 74 percent of voters were generally in favor of higher taxes for the rich, while 73 percent favored this for corporations.
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