During the post-war boom in the 1950s and 1960s the highest taxable bracket was in the 90% range.
Yeah, but no one actually paid that. There were so many carve outs and loop holes back in the day that the average wealthy person paid just a little more than they are supposed to now around 40%
The big difference now is the availability of tax free loans based on stock equity.
During the post-war boom in the 1950s and 1960s the highest taxable bracket was in the 90% range.
Mind you you had to make a lot of money, and only income earned above the previous brackets were taxed at such a high rate.
At the time capital gains were also taxed as income.
Then Reagan came, (re-)introduced supply-side (trickle down) economics, lowered upper bracket rates and started the K-shaped economy.
Yeah, but no one actually paid that. There were so many carve outs and loop holes back in the day that the average wealthy person paid just a little more than they are supposed to now around 40%
The big difference now is the availability of tax free loans based on stock equity.