Quote:
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).
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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
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Successful BST deals with eliotdeutsch, gonzo, jimivintage, Leon, lharris3600, markf31, Mrc32, sb1, seablaster, shammus, veloce.
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1909 Obak Howard (Los Angeles) (no frame on back)
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Last edited by Steve D; 03-14-2019 at 06:30 PM.
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