Why 70% tax rates won’t work

posted by
June 19, 2011
Cato Institute
by Alan Reynolds  
Posted in Commentary

"All this nostalgia about the good old days of 70% tax rates makes it sound as though only the highest incomes would face higher tax rates. In reality, there were a dozen tax rates between 48% and 70% during the 1970s. Moreover — and this is what Mr. Reich and his friends always fail to mention — the individual income tax actually brought in less revenue when the highest tax rate was 70% to 91% than it did when the highest tax rate was 28%." (06/16/11)

http://www.cato.org/pub_display.php?pub_id=13204  

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