What if your model takes into account the fact that if income taxes are high enough, startups stop happening? These economists tried it, and found the optimal tax rate is 29%. https://www8.gsb.columbia.edu/faculty-research/sites/faculty-research/files/finance/Macro%20Workshop/toptax.pdf …
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Replying to @paulg
When marginal tax rates were higher, the US put men on the moon, designed atomic bombs, commercial jets, ARPANet, the credit card, the transistor, communications satellites, LEDs, Hypertext, CDs. Technical innovation was financed more by the state/military vs private investors.
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Replying to @PaulRoales @paulg
Is it financed more today by private monopolies or back then? Bell Labs was forced by consent decree to share its advances royalty free.http://voxeu.org/article/how-antitrust-enforcement-can-spur-innovation …
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