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2010-02-17 01:28 pm (UTC)
Well, we had a 70% highest marginal rate until 1981; there was a 77% rate in 1969, and a top rate over 90% from 1951-1963. I really don't want to take the postwar period as representative, but this seems entirely plausible. I would like to hear from some folks on the incidence of tax cheating as it compares to high marginal rates.
I'd also like to compare this to corporate income taxes - my understanding is that we have relatively high marginal rates, by international standards, but enough loopholes to drive a Citibank-sized truck through, so the actual tax incidence is comparatively low.
The capital gains tax is an curious beast. It's not clear that it should exist at all (that is, capital gains should just be income, not that they should be untaxed).
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