Just for reference, here is the top federal income tax rate on regular income and capital gains since 1916. Via Center of Tax Justice:
There must be truth to NVCA – I don’t remember any venture backed firm being created between 1987 – 1997 when capital gains taxes were 28% or between 1976 – 1991 when the top income tax rate was 70%. Apple, Microsoft, Cisco, Oracle, Intel etc. are after all only 5 years old and created because taxes were really, really low.
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