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19 sats \ 2 replies \ @freetx 1 Feb \ parent \ on: Replace The Income Tax With Tariffs? Politics_And_Law
Haha...why bother.
The truth is in those days all high earners were on "deferred compensation" and "stock option" schemes to reduce taxes.
There were plenty of dodges in the tax code for the wealthy. They didn't pay all that money, at all. They paid the politicians to set that up for them.
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absolutely, anything to minimize your tax liability
that's the problem with Congress and CBO, they think no one will hire lawyers and accountants to create tax shelters etc
update:
one of the enduring effects of Carter and Reagan is highest bracket will never hit 40%, not even Obama and Biden had the nerve go there but we know they did
Brave ai made an error about 1986. The top bracket was cut to 28%.
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