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Jonathan Alter

It depends on how one defines "high". During the 1960s, top marginal rates in the United States were 90 percent and the economy grew strongly boneless. (Effective rates were somewhat lower). Conversely, the top rate in the 2000s was 35 percent and the economy grew slowly. When President Clinton and the Democrats raised taxes in 1993, Republicans all predicted the economy would stall. But the tax hike did nothing to dampen the tech boom. There is little or no evidence that high taxes on the wealthy--if high is defined as under 40 percent top rate--do anything to harm entrepreneurship or wealth creation.

Author, commentator and lead Bloomberg View columnist, Jonathan Alter