[nielsbot]

Wasn't taxation very high during the period describe, and declining gradually since then?

I also thought home ownership was one of the main generators of wealth for families, and wasn't that government assisted in some way?

(Not a historian)

[jandrewrogers]

No, taxation was not very high. Some tax rates were very high but they had an extensive range of deductions that don't exist today. The effective tax rates, what people actually paid as a percentage of gross income, were similar to today.

They lowered tax rates simultaneous with eliminating deductions, making the changes over time roughly neutral in terms of taxes paid.