I think he wants a return to the Gilded Age, where tariffs paid for everything and income tax didn’t exist.
I think he wants a return to the Gilded Age, where tariffs paid for everything and income tax didn’t exist.
Which one was that?
If you mean the gilded age, it was a period of the late 19th, early 20th century, where there were insanely wealthy industrialists. They had far more liquid cash than billionaires now (most of Musk’s net worth is Tesla stock) bc they owned railroads, oil, etc. they also weren’t taxed.
Think of JP Morgan, John Paul Getty, Andrew Carnegie. Federal income tax didn’t exist until the passing of the 16th amendment in the 1910s. The government was funded by tariffs, so non-1%ers had to pay a much larger share of their income.
In terms of lived wealth disparity, it was much worse then. People essentially lived in shacks, whereas industrialists had massive estates in places like Newport RI, or Main Line Philadelphia.
So when America was Great. Ok Depression Incoming
Yes, I believe that when Trump’s supporters think of the time when America was great, they’re thinking of the 50s. However, I believe that for oligarchs, it’s the Gilded Age.