" Under these escalating wartime income tax rates, the number of people reporting taxable incomes of more than $300,000— a huge sum in the money of that era— declined from well over a thousand in 1916 to fewer than three hundred in 1921. The total amount of taxable income earned by people making over $300,000 declined by more than four-fifths during those years.[11 "

― Thomas Sowell , "Trickle Down Theory" and "Tax Cuts for the Rich"