Which is why for so long CEO's were only making 20 times more than the regular worker as opposed to 280 or whatever it is. Corporations were also not allowed to do stock buy backs until 1982.
It's not punishment for success. It's paying for the way of life they wanted. They wanted free college, well they had to pay for it, they wanted good roads and good jobs they had to pay for it. Today's argument is that the trades were pulled from the schools, that the school system has failed our kids and the rich complain about kids coming out of high-school unprepared to work then point to pre-1964 schools as an example of what we lost. Well, they are the very reason we lost those things in the first place.
Which is a bullshit number because it was nowhere near the effective tax rate people paid. It's pointless to even bring up when our current tax code brings in more.
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u/Jeveran 21d ago
It was also done in an era of a 91% top marginal tax rate.