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Pastimes : Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: c.hinton who wrote (2606)	11/8/2008 3:22:39 PM
From: TimF	Read Replies (2) \| Respond to of 3816

tim ...you still havent how one avoided paying the higher taxes. ??? I suppose you mean something like "you still haven't said how one avoided paying the higher taxes", but if that is what you meant you are wrong. I've responded to that question more than once. There where plenty of loopholes back then and with very high marginal rates there was a massive incentive to do anything you can to find an use those loopholes, even if the actions to use the loopholes would have otherwise have been very foolish. Also the taxes didn't kick in for most people, even relatively wealthy people's income. Few people made over $100K or $200K in the 50s. Adjusted for inflation two hundred K in 1954 would be over a million an a half now. Adjust for the growth of incomes as well and the difference would be even larger. Then adjust for the fact that overall wealthier people had a lower percentage of income (even if your just counting pre-tax income) at that time, and the growth of the population since then and you will see why people making over $200k where rather rare back then. but the 50s never saw wealth generated as it did in the 20 and last decade... Last decade? No. But a lot more than in the 20s.