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The rich used to say 'no' to getting richer

With a top marginal tax rate of 91% 50 years ago, it was not worth earning millions when 90 cents out of an extra dollar went to the IRS

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(From left) US House Speaker Paul Ryan, President Trump and Senate Majority Leader Mitch McConnell at a meeting with members of Congress regarding tax reform on Sept 5.

FIFTY years ago, a top car executive named George Romney - yes, Mitt's father - turned down several big annual bonuses. He did so, he told his company's board, because he believed that no executive should make more than US$225,000 a year (which translates into almost US$2 million today).

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