With utterly no knowledge of the fact that there were far more deductions then than now. You could deduct passive losses against ordinary income, and deduct interest paid on any loan (even the mortgage on your fifth or sixth home), just for starters.
Under Eisenhower, the top effective tax rate for anyone who hired an accountant with half a brain was about 25%, just like today.
Eggsactly!
Yet even with those effective tax rates, the Federal Government collected 15% of GDP. (Hauser’s Law)