LemmyQuest
Last time someone was taxed 45% was 1986.
In the 1950s anything made over $400,000 was taxed 90%
When Reagan was in office I think it was 95% for income over $1,000,000. He claimed that if he was getting taxed 95% for making a movie, he wouldn’t make a movie, and everyone else involved would be out of work. Because sure, they’re not going to just hire another actor instead… Unfortunately idiots believed him.
Sounds more likely that actors wouldn’t demand to be paid more than 1,000,000 (which is still an absurdly high amount), so they would be cheaper to hire and perhaps they would star in more films to compensate (even though, again, 1,000,000 is already an absurd amount)
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jordanlundIt was never that high under Reagan. You have to look back to Eisenhower to see the top rate at 90%.
Reagan cut the highest tax bracket from 73% to 28%.
ShellMonkeyPlus the ever popular tactic of using the fact people don’t understand marginal rates against them. It’s not a case of if you get over $1M you lose 95% of it, you lose 95% of amounts in EXCESS of $1M…