Maybe.
Given the Tax Code at the time. My memory is that rate applied to personal incomes above $250,000/year after all deductions. In that socio-economic class, and with the Tax Laws as written at the time, it may have been fair.
Looking at the rate in isolation is a fool's errand. Remember that Ross Perot had to disclose his earnings and tax records when he ran for President. Those documents showed, that although his tax rate was 28%, he paid only 7% of his total income in taxes that year.
The wealthier you are, the more deductions you have and so your *actual* rate drops at a disproportionate rate.
