That's misleading. I looked it up and it was only effective for those making taxible income over 400,000 a year... Back then, there were very few making that amount so it didn't impact the average American. In fact, it probably still wouldn't..
(Source is from the snopes article)
http://staff.jccc.edu/swilson/businessmath/fit.htmand
http://www.truthandpolitics.org/top-rates.php>The bottom tax bracket for federal income tax in 1955 was 20%, the lowest that rate had been since 1943. The highest tax bracket had first exceeded 50% as far back as 1932, and it was an astounding (by modern standards) 91% in 1955.
>
>Take that, those who think taxes are too high today.
>
>Tamar
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.·`TCH
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