“I was a kid in the 1950s,” says David Levine. “And the whole time, the top marginal tax rate was 87 percent. Not many people paid that much. Only three baseball players — Ted Williams, Joe DiMaggio and Willie Mays — got there. But it was 87 percent.”Most people, of course, do not mark major life events by the top marginal tax bracket at the time. But David Levine isn’t most people. Levine is the former chief economist for the investment-management firm Sanford C. Bernstein. He is, as you might expect, a very rich man. But...
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