"And during the peak of Elvis' career, there really was such a thing as a 90% tax bracket: in fact, it even went up to 94%. Yep, you read that correctly: 94%. That happened in 1944, as World War II heated up even further. The U.S. had officially entered the war in 1941 after the invasion on Pearl Harbor. Most Americans didn't expect the war to last as long as it did – or to cost as much as it did. The cost of the war to the country was estimated, in a report to Congress (downloads as pdf), to be $296 billion ($3.928 trillion) – or more than a third of the country's gross domestic product (GDP)."
Sent from Rebecca Parrott Tatum, CPA's iPhone
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