We love the Coolidge Institute, and they just sent out this wonderful reminder of how the Laffer Curve works in real life.

The Revenue Act of ‘24 also went against today’s political grain by lowering the top marginal income tax rate from 73 percent at the beginning of the 1920s to 25 percent. To compensate, the Act also lowered the threshold for paying that 25 percent from $500,000 to $100,000, broadening the tax base. After enactment in 1925, those earning over this amount began contributing a higher share of overall tax receipts.

In fact, when it comes to the share of taxes collected, Coolidge was more progressive than his predecessors. By 1928, over 60 percent of annual income taxes paid came from those earning over $100,000, up from just under 30 percent in 1920.

The same thing happened with the JFK, Reagan and Trump tax rate cuts. The rich paid more. Someone tell Gavin Newsom.