Under these escalating wartime income tax rates, the number of people reporting taxable incomes of more than $300,000- a huge sum in the money of that era- declined from well over a thousand in 1916 to fewer than three hundred in 1921. The total amount of taxable income earned by people making over $300,000 declined by more than four-fifths during those years.{11
( Thomas Sowell )
[ "Trickle Down Theory" and "Tax ]
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