[quote=permabear]Our country was most balanced, most productive, and most secure when we had top tax rates at the modern equivalent of $10M+ at 90%[/quote]
… and back then we had an enormous tax shelter industry that resulted in quite a bit of misallocation of capital. The collapse of the tax shelter industry after the Tax Reform Act of 1986 is often cited as a trigger event of the savings and loan crisis.
I’d be surprised if anyone actually paid that 90% marginal tax rate.
