A lot of people are calling Obama a socialist for returning the top marginal tax rate to 39%. How our definitions of "socialism" have changed!
Throughout most of Reagan's presidency, the top tax rate was 50% -- even as he was running up massive debts and indulging in massive government spending. Under Eisenhower (the last good Republican), the highest tax rate was a whopping 91%. The highly conservative Warren G. Harding ran on the promise "Less government in business and more business in government" (how's that
for honesty in sloganeering?), yet during the years of his administration -- 1921-23 -- the top tax rate was 56%.
Some may be surprised to learn that the highest tax rate shot up to 63% in 1932, the last year of the Hoover administration. Of course, by then the Depression had settled in for a long stay, and no-one but the very rich had any money.