Effective tax rates on millionaire brackets dropped continuously from 1954-61 due to the tax shelters Eisenhower enacted under the Internal Revenue Act of 1954. Zucman is confusing statutory top marginal rates for the actual tax burden.

Effective tax rates on millionaire brackets dropped continuously from 1954-61 due to the tax shelters Eisenhower enacted under the Internal Revenue Act of 1954. Zucman is confusing statutory top marginal rates for the actual tax burden. https://t.co/YIoL8LEZYF

— Phil Magness (@PhilWMagness) February 15, 2019