After the 1920s income tax rate cuts, people with an income of $5,000 and under paid less than half of one percent of the income tax revenues collected in 1929, while people with incomes of a million dollars or more paid 19 percent. Before, under the higher tax rates on high incomes, people with incomes of $5,000 and under paid 15 percent of all income tax revenues collected in 1920, while people with incomes of a million dollars or more paid less than 5 percent.
