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Kudlow was talking about this yesterday. There were 3 recessions in the 50's, and the tax rates didn't bring in the revenue expected, imagine that. The guest talking about it nailed it though, said Krugman was put out in front on this to make Obama seem more reasonable.

I think it's interesting that the period that Krugman referred to brought in less revenue than any subsequent tax structure that we have tried since then. Our maximum revenue was when the highest rate was only 39.6% and the capital gains tax rate was cut to 20%.

The chart is from an article by Alan Reynolds:

Why 70% Tax Rates Won't Work
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