I would argue that we need to return to 1992 levels.

But 1992 levels would be fine as well.

The best period for the middle class in the U.S. was from 1945 to 1975, when the highest marginal tax rate was at least 70%.

Five years after that period, around 1979 or 1980, the rate started trending downward. That's about when things started getting stagnant or declining for the middle class.

IMO, I don't think it's any coincidence that the middle class in this country thrived when the highest marginal tax rate was at least 70%.



Source of graph: https://commons.wikimedia.org/wiki/File:Historical_Marginal_Tax_Rate_for_Highest_and_Lowest_Income_Earners.jpg

Europe was completely devestated by the war. It took them many years to recover and rebuild their cities, towns and industrial capability. In the interim, the US was providing most of the goods and services Europe and Asia needed. We had little to no competition then.

eliminated, too.

could be an incentive for some to be even greedier in order to compensate for their higher taxes. But it could also be a disincentive to rapacious greed if it means giving up a greater share to taxes.

The more one extracts from the economy, the more one should be compelled to put back in. All of us depend on public structures and services. The ultra rich depend on, and place greater strain on, those same public goods. (Example: how much more does Amazon depend upon the highway system than you? )

So-called loopholes in the tax code are one way to put money back into the system from which it was extracted. These, and progressive tax rates, discourage hoarders.