• rayyy@piefed.social
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    2 days ago

    Businesses also plowed money back into their companies to make them bigger and thus employed more people.

    • Rivalarrival@lemmy.today
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      2 days ago

      True, but this is actually the core of the underlying problem. They expanded their ability to extract profit from their customers and workers, while retaining ownership of that ability.

      With a 91% tax rate, the company would have a compelling reason to offer ownership shares rather than converting profits to capital. The kind of expansion you’re talking about still occurred, but the workers owned it.