One thing that is not mentioned is that during this time of super high marginal tax rates, there was also:
-Much less regulation in general in many sectors of the economy.
-Generous deductions for productive investment, etc.
My grandfather started and grew two very successful businesses during the 50's and 60's. While the high taxes crimped down on consumption substantially, the deductions for business investment meant that people could still get rich, as after all investment is how the rich get richer, Flashy consumption which requires high realized income is how people ultimately get poorer.
The "buffett" style modest business owner is not as overly harmed by the type of system that was in place during this time as one would think.
I am opposed to the super high marginal tax rates, but I do think our system needs to be reconfigured to deal with the realities of the modern economy. The leverage of global property rights has created a system that is utterly imballanced, and one which neither the "liberal" or "conservative" school of thought is equiped to handle.
The most laughable thing to me is the conservative smoke screen that being wealthy or getting wealthy is about working hard. Ha, ha. No, it is about owning property rights and getting massive leverage (legal, financial, social, branded,etc). If or if not you must work hard is incidental. Lots of people work their ass off and stay broke! Just the facts.
-Much less regulation in general in many sectors of the economy.
-Generous deductions for productive investment, etc.
My grandfather started and grew two very successful businesses during the 50's and 60's. While the high taxes crimped down on consumption substantially, the deductions for business investment meant that people could still get rich, as after all investment is how the rich get richer, Flashy consumption which requires high realized income is how people ultimately get poorer.
The "buffett" style modest business owner is not as overly harmed by the type of system that was in place during this time as one would think.
I am opposed to the super high marginal tax rates, but I do think our system needs to be reconfigured to deal with the realities of the modern economy. The leverage of global property rights has created a system that is utterly imballanced, and one which neither the "liberal" or "conservative" school of thought is equiped to handle.
The most laughable thing to me is the conservative smoke screen that being wealthy or getting wealthy is about working hard. Ha, ha. No, it is about owning property rights and getting massive leverage (legal, financial, social, branded,etc). If or if not you must work hard is incidental. Lots of people work their ass off and stay broke! Just the facts.
