- Mar 20, 2000
- 102,405
- 8,585
- 126
The bigger deal is the taxes not talked about. The deductions and exclusions which have the likes of GS and Exxon who make tens of billions in profit pay no taxes. Also capital gains used to be taxed same as income tax back in Ike's and JFK's day. While altered under Nixon and again under Carter it was slashed to almost nothing under Reagan and kept there since.
It's denial for anyone to argue the ideological shift did not dramatically shift to a greed is good mantra under Reagan and stayed there since.
capital gains haven't been taxed at ordinary income rates since 1921. there have been huge exclusions for LTCG since then. in ike and jfk's day there was 50% exclusion on gains held longer than just 6 months, or an alternate 25% tax rate if your ordinary tax rate exceeded 50%.
