> The short version is that, in the 1970s, tax law was much simpler – there was less tax legislation, and fewer statutory anti-avoidance rules. The courts also

> The short version is that, in the 1970s, tax law was much simpler – there was less tax legislation, and fewer statutory anti-avoidance rules. The courts also had a generally forgiving attitude to tax avoidance. So basically taxing the 1% isn't why everyone could afford college and a house back then. But we are better at closing avoidance loopholes these days. With some very obvious exceptions.