Bruce Bartlett Quotes
Up until 1986, the top marginal rate, the top statutory rate was 50 percent. Now it's 35 percent. And all the pressure is on to lower that even further. And this just doesn't make a great deal of sense. When people say, 'Oh, we can't raise taxes on the rich. They'll go on strike, they'll move to another country.' But within recent memory, it hasn't been that long ago that we had rates that were substantially higher. And these people did just fine. I just think that there's a disconnect between the facts of what taxes do and the sort of mythology of what they do.
Bartlett, Bruce. Interview by Terry Gross. Fresh Air, National Public Radio, 14 Feb. 2012.
There are a number of periods in American history when the highest marginal income tax rate for the very wealthy was over 90 percent. The highest marginal rate is not on total income but only on the excess above a threshold amount—based on 2010 dollars, the high rate would only be paid on the income OVER $3 million in that year. Reich was right in saying that some of the greatest growth spurts of the American economy occurred at times where the marginal tax rates were over 90 percent.
Bruce Reeves Bartlett is an American historian and author. He served as a domestic policy adviser to Ronald Reagan and as a Treasury official under George H. W. Bush.