The highest marginal income tax rate per year from 1917-1921 and 1932-1981 (more than half of the 20th century) was more than 60%. 65% per lifetime is quite good, historically speaking.https://twitter.com/paulg/status/1366439274212700163 …
The effective top tax rate was lower because there were massive loopholes and exemptions. So the amount of money collected by the government remained remarkably steady, despite wildly fluctuating tax rates.pic.twitter.com/ECxoVJyXvd
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That chart is ALL federal receipts, not income tax. Income tax receipts have fluctuated from <1% before WW2 to a high of 10% in 2000. Dropping to 6.3% in 2009 (nearly a 40% drop). Similar drop under Reagan, tho not as severe. Try to be somewhat honest
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In India, it went up to 98% at one point. Plus there was wealth tax. I'm not sure but I think that was probably a very big reason for the creation of a massive black economy.
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