Even though the top rate in 1979 was 70%, the effective marginal tax rate on the top quintile was 27.6%, which is pretty close to what it is now. It isn't meani

Even though the top rate in 1979 was 70%, the effective marginal tax rate on the top quintile was 27.6%, which is pretty close to what it is now. It isn't meaningful to just compare the historic top rate because the tax code was different, and allowed for larger deductions, with a lower minimum tax. I don't think coal regulation is particularly important one way or the other. The problem is that as industry with influence, like finance, were able to escape legitimate regulation, the total amount of regulation on business has roughly doubled since the mid 70's, which is a drag on the size and resilience of the economy.