[freen]

Ah yes, a feeling: even worse than an anecdote.

Yes: they reinvested rather than pocketed revenue.

Anyway, if did the research, you’d see the effective tax rate for the top income earners in US was 40% back then. Substantially higher than it is today.

And that substantially larger portions of revenue were reinvested rather than recognized as profit: high taxes, oddly enough, incentivize investment.

Do the math yourself: $1m in profit, 30% tax rate vs 1% tax rate: which rate incentivizes you to reinvest?