One of the interesting things never pointed out in these threads is that though the income tax in the US was very high in the mid-20th century, capital gains taxes were low — which affect the rich much more heavily than income taxes. The "robber barons" made all their money on the increasing value of the stock in their companies, not an income they drew from them.
Even this France law apparently only affects "wages" — not sure what that means in France but in the US it wouldn't cover long-term capital gains. BTW, when did millionaire start to mean someone that makes over a million dollars a year rather than has that in assets?
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One of the interesting things never pointed out in these threads is that though the income tax in the US was very high in the mid-20th century, capital gains taxes were low — which affect the rich much more heavily than income taxes. The "robber barons" made all their money on the increasing value of the stock in their companies, not an income they drew from them.
http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United...
Even this France law apparently only affects "wages" — not sure what that means in France but in the US it wouldn't cover long-term capital gains. BTW, when did millionaire start to mean someone that makes over a million dollars a year rather than has that in assets?
Around 2010. I remember this coming up when a new tax bracket was briefly proposed in the U.S.
http://themonkeycage.org/2010/12/05/the_shifting_meaning_of_...