"Also something many people don't realize is that in the '50s the highest marginal tax rate was 91%, for $4M or more. (The lowest was 20% for $40K or less.) So

"Also something many people don't realize is that in the '50s the highest marginal tax rate was 91%, for $4M or more. (The lowest was 20% for $40K or less.) So I don't totally see how your comment relates to the article. You can draw diverse conclusions looking backwards. " This gets mentioned frequently and it always bothers me. The tax code was so utterly different back then that you're comparing apples and oranges with it. Consider that the like-for-like transaction qualification was much larger and loopholes (aka deductions) were more common. In practice, nobody paid the 91% rate. If you don't believe me, look up the bipartisan Tax Reform Act of 1986, which lowered the top marginal tax rate from 91%, was revenue neutral. [0] Also note that state & local taxes were very little. New Jersey, which today boasts a very high income tax, did not have one until 1976. [1] New York City did not have one until 1966. [2] Despite this, both states have higher sales taxes than Florida with roughly similar property taxes (though property is much cheaper in Florida). Florida, of course, has no income tax. [0]: https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986 https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986 [1]: https://en.wikipedia.org/wiki/State_income_tax https://en.wikipedia.org/wiki/State_income_tax [2]: https://en.wikipedia.org/wiki/John_Lindsay#Labor_issues https://en.wikipedia.org/wiki/John_Lindsay#Labor_issues