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NationofChange
High taxes â And the Reagan response
âI would suggest going back to our older society by raising taxes on the rich and enforcing anti-trust laws.â
A friend of mine (a great fan on Ronald Reagan, which I am not) likes to tell the story of how Ronald Reagan would only make two motion pictures a year, because the third one would boost him into the 91% income tax bracket. Instead, he would âloaf aroundâ rather than only earn 10% for his work. On the other hand, Carole Lombard had a different take on high taxes. âIn 1937, notes film historian Eric Hoyt, Lombard paid over $300,000 in federal taxes on $465,000 in income.