“taxable incomes of $300,000 a year or more — equivalent to far more than $1 million in today’s money —”
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Classic understatement! The truth is probably more like ten million than one million and I am probably still understating it by a large margin. Go to Biltmore in North Carolina and realize that the cost of the whole thing, including many square miles of mountain land cost only three million at the turn of the twentieth century. You couldn’t build the greenhouse for that now.
According to The Inflation Calculator, $300,000 in 1921 is the equivalent of $3,728,886.20 in 2011 dollars. So when Professor Sowell says it’s equivalent to “far more than $1 million in today’s money,” he’s understating the matter greatly.