Taxes are for the little people
From an article in the NY Review of Books:
“ . . . the 94 percent marginal tax rate [Reagan] was theoretically subject to an income above $200,000, though in reality Reagan, like other actors, was able to pay a 25 percent capital gains rate by receiving his earnings form “temporary corporations” set up for each movie.”
Raise your hands if you only paid capital gains taxes on your paycheck.
“ . . . the 94 percent marginal tax rate [Reagan] was theoretically subject to an income above $200,000, though in reality Reagan, like other actors, was able to pay a 25 percent capital gains rate by receiving his earnings form “temporary corporations” set up for each movie.”
Raise your hands if you only paid capital gains taxes on your paycheck.