The Federal Reserve continues to raise interest rates in order to try to control inflation — but does it have to? Sam Pizzigati, Co-Editor of inequality.org, says “NO” in his recent article “The Fight Against Inflation doesn’t have to be Rich People Friendly“. This is a perfect point for an “excess profits tax”, an idea that was enacted by Roosevelt in 1942 and continued until the mid-1960’s, which resulted in equitable wealth distribution with a more than 90% tax on excess profits. The corporate profit rate for the 2nd quarter of 2022 was 15%, the highest since 1950.
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