So I just read Bill Gates’ 1976 Open Letter To Hobbyists, in which he whines about not making more money from his software. You know, instead of being proud of making software that people wanted to use. And then the bastard went on and made proprietary licences for software the industry standard, holding back innovation and freedom for decades. What a douche canoe.
There were a lot of tax write offs through incentives which was a good thing because it actually encouraged rich people and businesses to be proactively productive towards the public good.
So done right, they paid nowhere near the 80%. Of course there was abuse and loopholes.
And off topic and contrary to popular thought, Jimmy Carter was the one who started deregulation in this area. He was trying to get the economy moving again and was taking a “reasonable” approach. Reagan took Carter’s idea and went on a heist with it to enrich buddies and doners