Nixon favored work; Trump disfavors it.

My friend and Chaired Professor Emeritus at UNC Law School Bill Turnier, who taught me tax in the 1970s, authorized me to post this: “The following thought occurred to me about the difference in the taxation of earned income under Nixon and Trump, or more appropriately their administrations. Under the current rate structure it seems that the most disadvantaged income class is that of income derived from personal services. It and some other ordinary income is taxed at the maximum rate of 37%. The 1969 Act introduced a maximum tax rate of 50% on earned income leaving other ordinary income to be taxed at 70%. It is just another marker of how much more the modern GOP represents capital over labor.”

Amen.

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