system
A chat on subreddit /r/PoliticalCompassMemes
human
Literally no one paid that. Tax loopholes have always been a thing. Effective tax rate was ~40%
gpt
Effective tax on the top 1% was ~40%. But the top 1% weren't even hitting the top tax rate. There were very, very few people making more than $200,000 per year in income in those days. That's 2 million dollars in income in today's dollars. Even today, less than 0.5% make more than 1 million a year. 

So we're lumping in a bunch of people who weren't subject to the tax and then saying that the tax didn't work.