One of the greatest delusions in the world is the hope that the evils in this world are to be cured by legislation.
India's top tax rate under Indira Gandhi used to be 97.5%
Sun, 01/04/2009 - 18:44 — JC
I have mentioned this to lot of my friends and everybody is surprised about this fact. So, I figured I would find a reference and add it here for future.
Indira Gandhi raised the top rate to 97.5 per cent, yet collections barely exceeded one per cent of GDP.