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Remember the 1950s:
Krugman says the effective tax rate on the wealthiest was 70 percent, not 91 percent.
As is usual, a Republican in the White House meant recessions. Businesses welcome the excuse to trim payrolls. Unemployment reached levels of 6.2% and even 6.9%.
And investors were in the market for the long-haul. Long term capital gains were used for reinvestment, not to live off a la Romney.