That's the way the graduated income tax has always worked. If we had a 93% maximum rate today, it would probably only apply to income over 10 million dollars. The first 10 million would be taxed at a lower rate. But you have to think about a factory owner with 100 million profit to spend every year. That 93% rate would give him a strong incentive to pay his employees a bigger piece of the pie rather than give it to the IRS. That's a good way to even out income inequality.