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I'm not surely whether the full story is being told in this article. The 90% tax may well act like a brake on wealth generation, but was only applied at the ve

I'm not surely whether the full story is being told in this article. The 90% tax may well act like a brake on wealth generation, but was only applied at the very highest incomes, not people on mid 6 figures. I bet the elimination of the top rate actually resulted in a large shift of taxation from the rich, to the middle-class, like you and me.

anamax 18y ago
> I bet the elimination of the top rate actually resulted in a large shift of taxation from the rich, to the middle-class, like you and me. You lose. The fraction of taxes paid by the upper 1% and 5% have gone up. (Yes, under Bush too.) This isn't just a Federal phenomena - it happens at the state level too. A huge fraction of CA's income tax comes from a very small number of people. Their income is volatile.