4 ms·

That seems more relevant than it is. The US tax code used to be riddled with loopholes - nobody actually paid the top rates.

• Mikeb85 11y ago
  The effective tax rates back then were still higher than today. You're right, they weren't 92%, but they were higher.
  • gozur88 11y ago
    I wonder if that's actually true. It was far, far easier to hide income back then. This is before currency transaction reporting and "currency smuggling" laws. You could get on a flight to Zurich with a duffel bag full of cash and it wasn't something anyone had to report to the government.
• MaysonL 11y ago
  used to be?
  • gozur88 11y ago
    Yes. Prior to 1986 it seemed like everyone you knew had a money-losing chinchilla farm or something they could write off. If you tried to do that today the IRS would laugh at you.
    • MaysonL 11y ago
      As opposed to the present, when there are no tax loopholes.
      • gozur88 11y ago
        In relative terms, that is correct.