When Reagan was in office I think it was 95% for income over $1,000,000. He claimed that if he was getting taxed 95% for making a movie, he wouldn’t make a movie, and everyone else involved would be out of work. Because sure, they’re not going to just hire another actor instead… Unfortunately idiots believed him.
Sounds more likely that actors wouldn’t demand to be paid more than 1,000,000 (which is still an absurdly high amount), so they would be cheaper to hire and perhaps they would star in more films to compensate (even though, again, 1,000,000 is already an absurd amount) (i briefly forgot how taxes work)
When Reagan was in office I think it was 95% for income over $1,000,000. He claimed that if he was getting taxed 95% for making a movie, he wouldn’t make a movie, and everyone else involved would be out of work. Because sure, they’re not going to just hire another actor instead… Unfortunately idiots believed him.
Sounds more likely that actors wouldn’t demand to be paid more than 1,000,000 (which is still an absurdly high amount), so they would be cheaper to hire
and perhaps they would star in more films to compensate (even though, again, 1,000,000 is already an absurd amount)(i briefly forgot how taxes work)The Cast of Friends has entered the chat.
It was never that high under Reagan. You have to look back to Eisenhower to see the top rate at 90%.
Reagan cut the highest tax bracket from 73% to 28%.
https://en.m.wikipedia.org/wiki/Reagan_tax_cuts