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Mind you, when taxes were the highest ever in the US, we produced billionaires, such as Howard Hughes[0]. On the highest end during this period, income tax was
by no_wizard 3y ago
Mind you, when taxes were the highest ever in the US, we produced billionaires, such as Howard Hughes[0]. On the highest end during this period, income tax was 70% and capital gains tax was a high as 25% (compared to 15% today).
It doesn't stop people at a certain point, because at a certain point the money just isn't "real". If you could earn 60% of a billion dollars, would you take that deal? Of course you would. anyone would. 400 million dollars is a staggering amount of money for anyone.
[0]: https://www.aerotime.aero/articles/25483-howard-hughes-aviator-billionaire-philanthropist https://www.aerotime.aero/articles/25483-howard-hughes-aviat...