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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (542141)2/18/2004 9:40:07 PM
From: Peter O'Brien  Read Replies (1) of 769670
 
Only 500 taxpayers in the ENTIRE COUNTRY paid the top 91%
rate each year in the early 1960s. Yeah, the government
sure was "raking it in" with that big fat 91% rate!

I wouldn't be surprised if it was mainly unsophisticated
people who came into a lot of money and hadn't done
any tax planning that year..., i.e., "accidental" filers.
Because, frankly, if you are going to lose all of
that extra money anyway (at least 91% of it!) why the
hell shouldn't you put it into a risky tax shelter?
What do you have to lose?

Here is the source:

emlab.berkeley.edu

(see page 2)
(they quote an annual IRS publication called
"Statistics of Income").
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