That is really close to the tax rate we used to reduce inequality coming out of the Great Depression. In today’s dollars the threshold would lie in a few million, not one. And I believe it was 94% IIRC, but over 90. Of course nobody paid that in practice thanks to deductions, but it worked.
That is really close to the tax rate we used to reduce inequality coming out of the Great Depression. In today’s dollars the threshold would lie in a few million, not one. And I believe it was 94% IIRC, but over 90. Of course nobody paid that in practice thanks to deductions, but it worked.