To stop bullshit requires immediate response, e,g., Michael Dell billionaire at Davos: “Name one successful country that had a 70% tax rate, name one.” MIT economist on same panel; “United States!” It took years for The Lancet to retract anti vac articlehttps://www.ahajournals.org/doi/10.1161/CIRCOUTCOMES.119.005496 …
To be fair to Dell though, those high mid-century tax rates were accompanied by big loopholes. The amount actually paid was much lower – not much more than today.
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Fairness to Dell would be recognizing that he's out of his depth. He should have quit while he was ahead.
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Let’s be fair to this underprivileged guy and not let him make such an easy mistake: income over 10 mil taxed at 70% is still not a 70% rate for even him
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You’re about 50% off - https://fred.stlouisfed.org/series/FYFRGDA188S …
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A bug in yesterday’s software (tax loopholes) shouldn’t excuse the people who exploited it to their benefit. Making the rules laxer because the rules have workarounds is a horrible way to write code and tax laws.
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Fortunately,
@paulg, there are no loopholes left in the US tax code
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There are in fact not nearly as many. That's why you don't hear the phrase "tax shelter" as much nowadays. https://books.google.com/ngrams/graph?content=tax+shelter&year_start=1920&year_end=2017&corpus=15&smoothing=3&share=&direct_url=t1%3B%2Ctax%20shelter%3B%2Cc0 …
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says the rich guy
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