I asked AI and it looks like it is true. I asked what was the tax rate percentage for the top 10 percent of income earners in the US for each of the decades from 1940 to now:
1940s: Peaked at 94% in 1944–1945.
1950s: Remained high, peaking around 91%.
1960s: Started at 91% and dropped to 70% by 1965.
1970s: Remained around 70%.
1980s: Dropped from 70% to 50%, ending at 28%.
1990s: 31% to 39.6%.
2000s: Decreased from 39.6% to 35%.
2010s: Ranged from 35% to 39.6%.
Current (2020s): 37%.
Also, in 1930 it was low as well.
So it looks like the years in which we did the things Gary wants us to do again in his essay were all done during periods of time in which we taxed the super rich heavily.
Nobody ever paid 90% taxes. There were tax rates that high but lots of ways to avoid it same as now.
If you want a fair tax that treats everybody equally you want a flat consumption tax. No tax to make money. Just taxed when you spend money. Rich people spend more money so they pay more taxes. It can't be avoided by taking a dollar salary or using assets as equity for loans that dont get taxed.
As an aside, billionaires pay the same taxes you do on income. Demanding a wealth tax on billionaires is foolish. Every tax ever devised was sold as a tax on the rich. Look where we are now, forced to give a third or more of our labor to an entity that half the country likes on a good year.
iancmceachern|25 days ago
1940s: Peaked at 94% in 1944–1945. 1950s: Remained high, peaking around 91%. 1960s: Started at 91% and dropped to 70% by 1965. 1970s: Remained around 70%. 1980s: Dropped from 70% to 50%, ending at 28%. 1990s: 31% to 39.6%. 2000s: Decreased from 39.6% to 35%. 2010s: Ranged from 35% to 39.6%. Current (2020s): 37%.
Also, in 1930 it was low as well.
So it looks like the years in which we did the things Gary wants us to do again in his essay were all done during periods of time in which we taxed the super rich heavily.
This seems at odds with this from him: https://www.linkedin.com/posts/garrytan_larry-and-sergey-can...
I agree that we should do big things for the greater good. That's an easy sell for everyone.
The real conversation needs to be about who pays for it, and how.
sien|25 days ago
https://fred.stlouisfed.org/series/FYFRGDA188S
The top quintile of income earners in the US pay 34% of all taxes. The next quintile 26% .
https://taxfoundation.org/research/all/federal/who-pays-taxe...
US Federal spending was 7 Trn in 2025. This is surely enough to fund things.
https://fiscaldata.treasury.gov/americas-finance-guide/feder...
That is more than the total GDP of any country except China and the US itself.
tastyfreeze|25 days ago
If you want a fair tax that treats everybody equally you want a flat consumption tax. No tax to make money. Just taxed when you spend money. Rich people spend more money so they pay more taxes. It can't be avoided by taking a dollar salary or using assets as equity for loans that dont get taxed.
As an aside, billionaires pay the same taxes you do on income. Demanding a wealth tax on billionaires is foolish. Every tax ever devised was sold as a tax on the rich. Look where we are now, forced to give a third or more of our labor to an entity that half the country likes on a good year.