Sure. Back in the 1950s and 60s. The economy thrived because the top 1% was taxed on their millions to the tune of 90% and up. I agree, we should return to those days....but perhaps without the racism, and misogyny, and wars, eh?
Few actually paid those high rates. They were offset by generous tax avoidance provisions, eg, frequent buying & selling of real estate to shelter income with low capital gains taxes on recaptured accelerated depreciation.
The 50s & 60s were great for many reasons. We had.....
- A technological & manufacturing advantage over the rest of the world.
- An economy not wrecked by WW2
- Economic & other regulation was less.
But that began changing in the 60s.
I saw it particularly in the auto industry, which suffered from Japanese competition.
Too bad Reagan gutted our long term economy for the short term boost that made him so popular with the plutocrats. Its been downhill since then, primarily since those same plutocrats realized "Hey! We can foist any dolt into the WH and run the country in our own best interests by controlling the strings.". (Citizens United anyone - thank you Scalia).
Its all been downhill since the 70's.
Reagan actually gutted the the accelerated depreciation strategy.
His strategy of lowering marginal tax rates while removing avoidance schemes was a great idea.
It still is, but we won't see it from the typical candidates in the Big Two.
Trump is an exception here.....one of his good traits.
