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A comment on Is vast inequality necessary?. Parent comment

Re:Is vast inequality necessary? by Mikeb85 on Friday January 15, 2016 @06:03PM (#10912947)
Not actually true. Tax rates on high incomes were much, much higher in the 1950s and 1960s.

http://www.businessinsider.com/history-of-tax-rates-2012-5

http://s158.photobucket.com/user/OnlyObvious/media/Tax_Rates...

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Re:Is vast inequality necessary? by gozur88 on Friday January 15, 2016 @06:18PM (#10913032)
That seems more relevant than it is. The US tax code used to be riddled with loopholes - nobody actually paid the top rates.
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Re:Is vast inequality necessary? by Mikeb85 on Friday January 15, 2016 @06:24PM (#10913065)
The effective tax rates back then were still higher than today. You're right, they weren't 92%, but they were higher.
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Re:Is vast inequality necessary? by gozur88 on Friday January 15, 2016 @06:44PM (#10913200)
I wonder if that's actually true. It was far, far easier to hide income back then. This is before currency transaction reporting and "currency smuggling" laws. You could get on a flight to Zurich with a duffel bag full of cash and it wasn't something anyone had to report to the government.
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Re:Is vast inequality necessary? by MaysonL on Saturday January 16, 2016 @01:17AM (#10914495)
used to be?
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Re:Is vast inequality necessary? by gozur88 on Saturday January 16, 2016 @03:44AM (#10914741)
Yes. Prior to 1986 it seemed like everyone you knew had a money-losing chinchilla farm or something they could write off. If you tried to do that today the IRS would laugh at you.
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Re:Is vast inequality necessary? by MaysonL on Saturday January 16, 2016 @07:16PM (#10917543)
As opposed to the present, when there are no tax loopholes.
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Re:Is vast inequality necessary? by gozur88 on Sunday January 17, 2016 @04:55AM (#10918983)
In relative terms, that is correct.
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