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Pastimes : Discussion Thread
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To: c.hinton who wrote (2639)11/10/2008 11:58:54 AM
From: TimF  Read Replies (1) of 3816
 
start with 24%of gdp in1924 .

Ignoring the years leading up to 24 and also the 30s when very different conditions held.

subtact the tax due.

Top nominal tax rates do not equal percentage of taxes actually paid. They are often quite far apart even now with much lower tax rates. With many loopholes and extreme marginal rates the differences become much larger. The actual taxes paid by the very rich was often a fairly small fraction of their top marginal rate.
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