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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?


To: Michael Bakunin who wrote (53313)3/24/1999 12:53:00 PM
From: IceShark  Read Replies (1) | Respond to of 132070
 
No, the effective tax rate was never that high (70%) for anyone other than an idiot in coma. There was a 50% max rate on earned income, the capital gains deductions plus all the other deductions (passive partnership losses, etc.) you could take. Then there was investment tax credits, lower SS taxes ..... The overall tax burden was less than now.

Regards, Ice