Quotation of the Day…

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… is from page 150 of the 2011 revised and enlarged edition of Thomas Sowell’s 2009 book Intellectuals and Society (footnote deleted):

The facts are unmistakably plain, for those who bother to check the facts. In 1921, when the tax rate on people making over $100,000 a year was 73 percent, the federal government collected a little over $700 million in income taxes, of which 30 percent was paid by those making over $100,000. In 1929, after a series of tax rate reductions had cut the tax rate to 24 percent on those making over $100,000, the federal government collected more than a billion dollars in income taxes, of which 65 percent was collected from those making over $100,000.

DBx: Pictured here is former U.S. Treasury secretary Andrew Mellon.