The New York Times quoted Maury Cartine, partner-in-charge of New York City Tax & Business Services, in an article about the complexities of taxing the wealthiest Americans.
The New York Times
By Paul Sullivan
Maury Cartine, a partner at the accounting firm Marcum and a certified public accountant for 50 years, said that when the highest tax bracket was 70 percent in the 1970s, the tax on earned income — as opposed to investment income – was limited to 50 percent. At that time, an individual taxpayer could also deduct interest on any type of loan – car, educational, credit card – and not just on a home. “A taxpayer could refinance appreciated rental property, take the proceeds to buy a yacht or some very nice jewelry and still deduct the interest,” Mr. Cartine said.