[ksen]

Wow, that 70% effective top income tax rate during the 1950s must have killed the economy back then.

[stephenjohnbanker]

” Wow, that 70% effective top income tax rate during the 1950s must have killed the economy back then.”

Back then, you could deduct almost everything down to the suit on your back(uniform expense)

[econjack]

How do you think the tax code got so complicated? Last time a looked, about 3/4 of Congress have legal training. Many of them made a fortune advising rich people on how to avoid paying taxes. Actually, the top marginal tax rate before the Kennedy Tax Cuts was 92%, but few paid that because they either lobbied for tax breaks or had high-priced lawyers figure out ways around it. Loopholes were everywhere and people bitched about it, yet...

It amazes me that people are so stupid. Who do they think passed the tax code in the first place? Congress created the code that is so complex, I doubt anyone full understands it. How about everyone pays 17% (Friedman's number)...no exemptions, no minimum income exclusions. That way, everyone has something in the game. As it is now, 51% have a say in Federal elections even though they don't pay for it. To me, they shouldn't get to vote.