It’s not enough. By “it” I mean the idea on how to sell this.
The real reason the rich could get away with cutting their taxes over the last forty years has been because the working class heard a constant barrage that “taxes are too high” and “we need to cut taxes.”
Walter Monday had the stupidity to tell America in accepting the 1984 Democratic nomination for president that “I’ll raise your taxes.”
What we need to do is tie increases to the top’s tax rate to decreases to the bottom’s tax rate.
What if Mondale had said, “I’ll raise the taxes on the wealthiest so I can lower your taxes.”
I think 70% is too low for the top marginal rate. I think 90% makes sense. I also think we need many more brackets. (So AOC is right for 70% above $10,000,00. Why not more brackets so above $25,000,000 it’s 75%, above $50,000,000 it’s 80%, above $100,000,000 it’s 85%, and above $1,000,000,000 it’s 90%?) Finally we need to lower taxes on the bottom brackets.
Let’s start with Social Security. Let’s lower the actual rate but take off the cap. I wish we could make it a progressive instead of a flat tax, but right now it’s a regressive tax. Once we make it a flat tax with no cap, then we can start lobbying to make it progressive so those making less money would pay even a lower rate than what we’d lower it to when we took off the cap.