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Latest revision as of 12:51, 12 November 2024

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If the $100,000 a whole year person didn't contribute, he'd end up $720 more in his pocket. But, having contributed, he's got $1,000 more in his IRA and $280 - rather than $720 - in his pocket. So he's got $560 ($280+$1000 less $720) more to his moniker. Wow!

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During the great Depression and World War II, the income tax rate rose again, reaching 91% through the war; this top rate remained in effect until 1964.

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