[Steve D]

Originally Posted by seanofjapan

Or as noted above it could be about players who through investing wisely became millionaires like Cobb. Thogh nobody earned a million dollars per year back then the top stars did earn enough that they could become millionaires over the course of their careers (though not many actually did).

Keep in mind that the income tax rates back in 1939 were astronomical!

If you made $20K a year, you paid 19% income tax. This rose to 28% in 1940

If you made $50K a year, you paid 35% in income tax (rose to 48% in 1940). In 1941, it rose again to 61%, and to 72% in 1942!

$74K per year, you paid 51% income tax! (in 1940, this rose, to where you paid 54% if you made $70K a year)

And, for those who made $500K a year, they paid a whopping 74% income tax!

Steve