Actually that is not fully accurate. Yes the top federal income tax rate was that but it was not applied in the same way. The tax base was different and the rate only kicked in after a certain amount (like $200K).
Today any tax bracket kicks in from the first dollar.
So once again, people are misled.
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I should have said marginal top rate.
After deductions. Standard deduction for most people, but lots of itemized deductions for high-income folks who have competent tax advisors.