Seems more like a confusion over how much income to the top comes from wages vs. capital gains. Looking Graham's own income sources, he should have pointed this out.
The capital gains rate under Eisenhower was only 25%, while the top bracket was 91%.
And the corporate tax rate under Eisenhower was only 50%.
Very few of the great sources of dynastic wealth in America were built by accumulating wages under normal income rates.
The capital gains rate under Eisenhower was only 25%, while the top bracket was 91%.
And the corporate tax rate under Eisenhower was only 50%.
Very few of the great sources of dynastic wealth in America were built by accumulating wages under normal income rates.