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To: AnotherUnixGeek

There are memes about 90% tax rate in the 50’s all over social media.


4 posted on 01/06/2019 7:17:15 PM PST by ifinnegan (Democrats kill babies and harvest their organs to sell)
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To: ifinnegan

Yeah when loopholes were abundant and those rates were never paid.


9 posted on 01/06/2019 7:21:01 PM PST by CommieCutter ("Trump is god emperor and he will win." -- some hacker)
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To: ifinnegan
There are memes about 90% tax rate in the 50’s all over social media.

On paper, yeah, there was once an excessively high maximum tax rate, but.....because of exemptions and deductions and tax shelters, nobody paid it.

Anyone who thinks Joe Kennedy gave away 90% of his income is nuts.

In fact, the alternative minimum tax was devised during the mid-1960s precisely because there were a lot of very wealthy people who escaped paying any income taxes at all.....even when the maximum tax rate was 90%.

64 posted on 01/06/2019 10:37:28 PM PST by franksolich (Scourge of the primitives)
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To: ifinnegan

In Macroeconomics, many years ago, I was told that no one ever really paid that much, because there were plenty of loophole sin the tax laws.


67 posted on 01/07/2019 12:32:56 AM PST by Henry Cavendish
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