Malcolm Gladwell on The Nets and NBA Economics:
One of the great forgotten facts about the United States is that not very long ago the wealthy weren’t all that wealthy. Up until the 1960s, the gap between rich and poor in the United States was relatively narrow. In fact, in that era marginal tax rates in the highest income bracket were in excess of 90 percent. For every dollar you made above $250,000, you gave the government 90 cents. Today — with good reason — we regard tax rates that high as punitive and economically self-defeating. It is worth noting, though, that in the social and political commentary of the 1950s and 1960s there is scant evidence of wealthy people complaining about their situation. They paid their taxes and went about their business. Perhaps they saw the logic of the government’s policy: There was a huge debt from World War II to be paid off, and interstates, public universities, and other public infrastructure projects to be built for the children of the baby boom. Or perhaps they were simply bashful. Wealth, after all, is as often the gift of good fortune as it is of design.
via Missile Test