"top tax rates were far in excess of what they are now.""Yep, and folks bought municipal tax free bonds by the gazillons...and new things like real estate Starker Trades, where you pay no taxes as you take depreciated real estate and trade it for another piece of property and then start depreciation all over again...generating bazillions in tax deductions. You seem to forget the gov't never manages to collect more than about 18% of GDP in taxes..no matter what the tax rates are. However, the higher the tax rates, usually the worse the economy long time. Folks just aren't excited about risking money in ventures when they know they will be 'gored' by the feds. t.
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