Eight decades ago, at a pivotal turning point in American history, our nation’s richest faced a 94 percent federal tax rate on their income over $200,000, the equivalent of about $3.5 million today. At that point, near the end of World War II, only one other nation — the UK — taxed its rich at a steeper rate. The wealthiest Brits ended the war facing a 97.5 percent tax on their top-bracket income. More

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