The major goal of an income tax system in a capitalist economy such as ours should be to get as much wealth as possible in circulation to stimulate growth. Therefore we must tax those who hoard wealth, not those who create it.
The best way to achieve that would be to pay a basic income to every person with an individual income level that is at or below or the national average. That would be around $58,000 a year which is the average individual income in the United States.
The United States experienced its highest economic growth rate of 16.9% back in 1950; when the highest income tax rate was 92%, Trading Economics calculated. By January 2018; after decades of tax cuts intended to “stimulate the economy,” the growth rate was 2%.Read more