We seem to have become obsessed with low taxation rates over the last 30 years or so. Nowadays even proposals like a 50% top rate are seen as dangerous socialism by many.
But if we look back to the 'golden age' of the 1950s and 60's, Federal tax rates in the US never dipped below a top rate of 70%, and Margaret Thatcher reduced the top rate to 60% in the UK, and I don't think either of those economies could be considered as left wing.
