Paul Krugman Says It’s OK for Governments to Steal

Paul Krugman Says It’s OK for Governments to Steal: Paul Krugman, a regular commentator for The New York Times, wants to return to the good old days of high tax rates. He’s trying to make the case that high tax rates on the nation’s wealthiest income earners was good for the economy in the 1950s:

“[I]n the 1950s incomes in the top bracket faced a marginal tax rate of 91, that’s right, 91 percent, while taxes on corporate profits were twice as large, relative to national income, as in recent years. The best estimates suggest that circa 1960 the top 0.01 percent of Americans paid an effective federal tax rate of more than 70 percent, twice what they pay today.”

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