Today's starter topic: For the longest time, the 1950s were the subject of left-wing derision. Lately, though, that decade has become fashionable as statists yearn for what they believe to be the much higher (up to 91 percent) tax rate which was imposed on wealthy Americans. Unfortunately for them, this is a pure fantasy. While there were indeed higher tax rates back in those days, due to no cap on deductions, basically no one paid the high rates. And lower- and middle-income Americans paid far more taxes than they do today. Investor Peter Schiff lays out the facts and figures in a must-read article in today's Wall Street Journal.
Open Thread: The Myth of the 91 Percent Tax Rate