Stephen Moore has a fascinating piece about the rich and their tax rates in today’s Wall Street Journal:
Let’s start with the 1920s. All tax rates were cut during the Calvin Coolidge administration, including the top rate, which fell to 25% from the World War I high of 73%. Between 1923 and 1928, benefited by lower tax rates, the economy surged, raising incomes and living standards for the middle class. Tax collections in real terms nearly doubled—and the share of taxes paid by those who made more than $100,000 a year (more than $1 million today) increased to 51% from 28%.
He goes through the entire 20th century like that. Even JFK reduced tax rates because he understood basic economics. Question: Why can’t today’s legislators see that? Why are they so blind?