With the generous deductions available in the 1950’s no one actually paid 91%, in fact the wealthy could often reduce their rates to near zero using some creative accounting measures.
I believe Krugman knows this and is just simply a chronic liar with an agenda.
Thus the reason the AMT was invented. I think there were 50 Taxpayers that it was supposed to affect, nowadays it’s 10 Million or so if I recollect.
Krugman is something I scrape off the bottom of my shoe when I step in a pile of Dog crap.
>>I believe Krugman knows this and is just simply a chronic liar with an agenda.
*DING!* *DING!* *DING!*
We have a winner!
If he doesn’t know about the deductions and how the game was played (and often still is), he’s incurably stupid for a Nobel-prize-winning “economist”.
Pick one, I don’t see any other choices.
Krugman must have not read “Hauser’s Law”!
Published in the NYT no less
http://online.wsj.com/article/SB10001424052748703514904575602943209741952.html