re: #92 KGxvi

Bill Gates with some smart advice on why the 70% top bracket misses the target:

I still don’t understand why we tax most capital gains at a lower rate than regular income.

And even in the days when the US tax rate was officially 70% or higher, the effective tax rate that people paid was considerably lower as these people have more access to deductions and deferments and the CPA computing power to put make best use of them.