All compensation was taxed back then, not just direct compensation. And it was much harder to convert wages into capital gains because they defined compensation

All compensation was taxed back then, not just direct compensation. And it was much harder to convert wages into capital gains because they defined compensation much more strictly than they do now. This just isn't right. It was a significant change when, for example, the company car became a taxable benefit. Now employers can't pay for your schooling without paying taxes on it. Almost everything (except for health insurance) gets taxed today.