overlook the fact that there were a lot more allowable deductions to go along with the higher maximum rates. Like all interest paid on any kind of loans - vacation homes, boats, multiple car loans, store credit, etc. Today the only deductible interest is first and second mortgage on your primary residence. Lots of others too.
Bottom line: tax rate increases never return what was projected because the rich will just find different ways to shelter their income.
Conversely, Bill and Melinda Gates, along with Warren Buffett, have started an organization of billionaires who have agreed to willingly donate 90% - 99% of their wealth to charity in their wills, if not sooner. Mark Zuckenberg has also signed this pledge, I believe for 95%. My point? Tax them at a high rate and they will find a way around it. But on their own, they willingly give even more of it away.
Plus other moral arguments for and against taxation besides raising revenue. Something something social arm's race which I will not explain for I want merely to tease you and maybe you will listen of your own volition 
*NM*
- 13/01/2019 10:35:07 PM
198 Views
So let it be written, So let it be done!