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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

(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).