Wow, that’s crazy! Trying to put it into perspective...
The average family income in 1951: $3,700/year
Average cost to buy a house: $9,000
$200,000 in 1951 was equivalent to about $2 million today.
Still, the income tax rates were insanely high back then.
They were high, 90% was the highest rate, but there were lots and lots of write-offs for people, so no one paid that rate or anywhere near it.