In the 1950s and early 1960s the top tax rate — on taxable incomes over $400,000 — was 91%.
Ninety. One.
[Caveat: $400,000 in 1960 dollars would be about $2,800,000 in 2007 dollars.]
The Revenue Act of 1964 reduced the top rate to 70%.
Today’s top rate is 35%.
The irony is, the Republicans (conservative-evangelical branch) wish to return our society to the ‘idyllic’ post WWII culture. Would that it included that top rate!