In: Politics US Economy
Another nice visualization from Stephen over at weathersealed.
April 25th, 2010 at 12:15 pm
Looks to me like a malfunctioning inkjet printer cartridge.
April 26th, 2010 at 11:35 am
The marginal rates were certainly higher back then but I’m betting that virtually no high earners actually paid taxes at anywhere near 90%. It was so much easier then to under report or even hide income. As the government got better at finding income in the 70’s then the wealthy just lobbied and got all sorts of tax shelters. The real problem would be today if you implemented a 90% tax rate and removed the shelters then you would disincentive high earners to stop working. What would happen if most of the doctors (or bankers, lawyers, etc.) got to August first and said no more patients I’m taking the rest of the year off….
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