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And marginal tax rates were going down, from 70 to 50 and then 28, before poking back up to 31 & then 39.6 and then 42ish.
I keep trying to reiterate the very significant differences between the implications of higher income tax rates and a wealth tax, but people seem very disinterested in following any of that. None of what I'm saying makes any sense if you can't distinguish between the two.
Reinstating super high top income tax brackets would largely impact a totally different set of people and would have potentially destructive effects elsewhere re: hiring, but it would not cripple tech or innovation in the same way.
At least not as quickly as a wealth tax would. But excessively high income tax rates would eventually drain risk capital from pool, and lead wealthy to rent-seek even more (and I count muni-bond income exclusion as rent seeking).
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