Tax Fact: In 1944 and 1945 the top tax rate on earned income was 94%. This rate applied to earned income above $200,000. In 1946 the top rate was lowered to 91%. The 91% top rate remained in place throughout President Dwight D. Eisenhower’s entire term in office.
The Greatest Generation believed it was their obligation to actually pay for the wars they were involved in and that everybody, including the wealthy, successful, and even the so-called “job creators” should sacrifice and pay their fair share to build a better country. This mindset of looking beyond one’s own selfish interests is among the many reasons they are deservedly called The Greatest Generation.