The top rate was that high, but nobody was really taxed at 94% because there were a lot more exceptions. When they drastically reduced the top rate, they also e

The top rate was that high, but nobody was really taxed at 94% because there were a lot more exceptions. When they drastically reduced the top rate, they also eliminated a great many exceptions. Overall, the change was actually revenue-neutral. Which shows that you cannot compare that 94% number to the current rates and say that people used to pay more taxes. "Lowering the rate" was just simplifying things so that the printed rate more closely matched the reality.