Government needs to lower taxes, and get out of everybody's hair.
Either they do it, or we will.
/johnny
It’s true the income-tax brackets were higher then, than they are today.
However, however, however.
Nobody, but nobody, ever paid 90% (or whatever) in income taxes.
The rate was on the books, but nobody paid them.
Loopholes; managing one’s money so as to have to pay as little as possible in income taxes.
Old Man Joe Kennedy was a pro at doing that.
Yes, American business was a juggernaut of ingenuity, an eager workforce and few regulations to hamper growth. Not to mention our manufacturing was leaving a war-devastated Europe and Asia in the dust because our infrastructure was intact, so people bought American. At the time, no amount of high tax could overcome our output. Now, things are very different and we have a smaller margin for error and fewer markets to conquer, IMHO.
I agree. That is what needs to be done.