It's also why I opposed taxes being to high like they were back then and few people actually paid tax that high anyway.
This plays to another false premise that I suspect most conservatives know is false, at least in the US, but the rich chanted about it endlessly until the ignorant public let it get burned into their thinking and now the ignorant public just runs with it rather than admit they've been duped.
Yes, the high end tax rate used to be extortionately high. Yes, hardly anyone actually paid that rate no matter how rich they were or how much they made.
That's because taxes are supposed to serve a purpose, not just fund the government. Let's look at a current world example, hypothetically.
We're going to start you off with a really good high end job, salary $500,000 a year. The bad news is that we're going to attach a 90% tax rate on incomes that high, rather than whatever everyone seems to think is fair. So even though you were expecting to have 400K to toss around, maybe stuff it in a mattress, maybe buy some savings bonds, or maybe that summer house that you can use for two weeks a year while a big chunk of the population is homeless since real estate is always appreciating anyway, you actually are staring down the barrel at "getting by" on fifty grand.
But here's the kicker. Anything you invest in constructing low income housing we are going to take right off the top. So when you put 350K down on a deal to build an apartment complex, with a ten year loan paying off another 2.8 million plus interest at 350K a year your taxable income for this year and the next ten years is going to be 150K and the rate there is only 30% so you are gonna get to spend twice as much
and you wind up the proud owner of an apartment building full of rent payers.
Incidentally, this helps solve our homeless problem. Not
just because you are building some apartments. Not even
just because a bunch of hard chargers like you are building apartments. It's also because all you hard chargers that we know used to hang out down at city hall scratching palms in support of every effort to block anything that might hurt your property values are instead going to be down there ranting and raving about how the building permit process needs to be
streamlined, and it needs to be streamlined
right fornicating now!
But the rich convinced the stupid that proper use of taxation was
unfair loopholes that only benefited the rich. So the rich convinced the stupid that they should take this benefit away from the rich. How stupid do the stupid actually have to be to buy into the idea that the rich would push them into any such thing?