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Loopholes mitigated the 90%. The rate was cut and loopholes were closed at the same time to make the on-paper tax rates actual tax rates. Comparing a 90% tax b
by skylan_q 11y ago
Loopholes mitigated the 90%. The rate was cut and loopholes were closed at the same time to make the on-paper tax rates actual tax rates.
Comparing a 90% tax bracket then to 90% tax bracket now is comparing apples and oranges.
- hsitz 11y agoI'm curious about this. Do you have any references?
- skylan_q 11y agoOne that I've read up on: https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986 https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986 Some tax shelters were eliminated/reduced in their effectiveness, shifting some of their wealth gain through the year to being classified as actual income.