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The US tax rate was 70% for people and 48% for corporations (who were not people then). Must have been a terrible time to build a company.
But not fewer businesses?
Considering that most businesses are small retail and service business like plumbers and shoe stores and so on, I would guess there weren't fewer businesses, no.
Correlation is not causation.
Were there? I couldn't find data back that far but I found this from 1997 https://content.gallup.com/origin/gallupinc/GallupSpaces/Production/Cms/GMJ/ciavniuad06fxohwao4d3a.jpg … From this articlehttps://news.gallup.com/businessjournal/180431/american-entrepreneurship-dead-alive.aspx …
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