Reply #5: You're only telling half the story. The tax code was very different then. [View All]

[badtoworse]

There were many more deductions and many abusive tax shelters. You could shelter most, if not all of your income and not pay the high marginal rates.

To compare those rates to rates today is not a fair comparison. You need to look at percent of income actually paid in taxes at various income levels (adjusted for inflation) to get a meaningful comparison.