Reply #101: Until 86 you could even have tax credit programs [View All]

[Yupster]

that gave you an $ 8,000 tax credit over time for your $ 5,000 investment.

You are correct.

No one ever paid a 90 % tax rate in our country. In those days you could deduct hundreds of things that you couldn't deduct after 86. The idea of the 86 reform was to lower the tax rates but get rid of the loopholes. It pretty much did get rid of the loopholes. There aren't many left. Car loans no longer deductible, or any other interest but mortgage. Limited partnerships no longer tax beneficial nearly to the extent they were.

Going back to 90 % rates is a strawman. No one ever paid a 90 % tax rate.