This gets overstated. We had a high income tax, but we’ve only briefly had a high capital gains tax - between 1969–1977 - when it got into the 50% range instead of the more historic 15-25% range.
Billionaires only very briefly saw anything resembling “high taxes” in the US. Even then, carve outs and exclusions for foreign incomes allowed them to largely ignore the IRS during this time.
I dont want to go back to the 50s-90s for the societal ways, but the economic ways, you bet.
This gets overstated. We had a high income tax, but we’ve only briefly had a high capital gains tax - between 1969–1977 - when it got into the 50% range instead of the more historic 15-25% range.
Billionaires only very briefly saw anything resembling “high taxes” in the US. Even then, carve outs and exclusions for foreign incomes allowed them to largely ignore the IRS during this time.
Glances at economic race relations in 1970
Mighty White of you to say that