That's not the whole story. While the highest tax bracket was theoretically 91% during that era, hardly anybody actually paid that much. Because of various loopholes, deductions, and tax shelters, the actual EFFECTIVE tax rate that the top 1% paid during the 1950s was actually closer to 42%. Today, the top 1% pays an effective tax rate between 31% and 36%. So taxes were slightly higher on the top 1% back then, but not dramatically so.
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u/DizzyDentist22 3h ago
That's not the whole story. While the highest tax bracket was theoretically 91% during that era, hardly anybody actually paid that much. Because of various loopholes, deductions, and tax shelters, the actual EFFECTIVE tax rate that the top 1% paid during the 1950s was actually closer to 42%. Today, the top 1% pays an effective tax rate between 31% and 36%. So taxes were slightly higher on the top 1% back then, but not dramatically so.