Every time I hear this I can’t help but wonder what percentage of the so-called “rich” the 90% rate applied to. When you consider that most states, cities and counties also have taxes, I can’t help but think that the proportion of people who could pay out all that money and still meet their living expenses must have been infinitesimally small.
A year or two ago one of the cable channels was running old quiz shows like What’s My Line and I’ve Got A Secret, and one night Lucille Ball was the guest. This was in the late fifties/early sixties, the height of Lucy-mania. During the questioning that preceeded her exposure as the guest, she was asked if she was a millionaire. She said no. Later, after her identity was revealed, one of the panelists asked if it were true that she didn’t have a million dollars. She frowned and shook her head, saying that “With today’s taxes you can’t make a million dollars.”
With regard to the flat tax, I’m aware that among people of a certain political bent, flat tax is considered ill-advised/ridiculous. I’m also aware that people of certain other political beliefs consider it not only feasable but eminately fair.
And while I’m not schooled in economics enough to know who to listen to, I have read enough to know that there are highly trained economists who will argue forcefully for one side or the other.