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I disagree, Ayn Rand went insane. Her friend, Greenspan tried to put objectivism into action, and has admitted he was "wrong".
The tax rate in the 1950s was arguably harsh on the wealthy.
Your talking about personal incomes of over 250,000 a year being taxed at rates similar to the 1990s..It's obvious that the playing field was tilted very harshly in the favor of those who already had great abundances of wealth, The whole argument for this was they would create more wealth, jobs and industry. OBVIOUSLY beavith, THAT did not happen.
They created nothing, played games that even children could tell would only be for suckers, Created bubbles with these games, hid their wealth in foreign "havens".
Pursued a path of extreme profit taking, without any regard for investing in future viability.
At least Henry Ford understood the basic concept that in order to sell his cars, people had to have to paid enough for their labors to buy them. I wouldn't be opposed to a flat tax if indeed it were fair. Let there be a minimal income that just isn't taxed, say the first 25K, then if everyone paid say 25% of anything above that (With no deductions and no "welfare" of any kind for the aristocrats). People like Steve Forbes and Jerry Brown have said the tax rate could drop to 13% or so under such a system.
Warren Buffet said his maid pays more taxes than him. Losing the loopholes alone will go a long way to creating a fair and equitable system.

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