| − | Film actress Betty Grable, whose films grossed over $100 million, was the highest-paid [[Hollywood]] celebrity and most famous pin-up girl of GIs during World War II. Her employer, Twentieth Century Fox studios, insured her legs as a capital asset with Lloyds of London for $1,000,000, the premiums of which were a legitimate deductible business expense. [[Ronald Reagan]] at the same time was also paying the top personal [[income tax]] rate of 92% during the [[New Deal]]. As Reagan aged and his face wrinkled, his ability earn income diminished, but he was disallowed from depreciating the value of his primary capital asset - his face - against income. Reagan took up another career - politics - with a desire to reform an inherently flawed and unfair tax system. | + | Film actress Betty Grable, whose films grossed over $100 million, was the highest-paid [[Hollywood]] celebrity and most famous pin-up girl of GIs during World War II. Her employer, Twentieth Century Fox studios, insured her legs as a capital asset with Lloyds of London for $1,000,000, the premiums of which were a legitimate deductible business expense. [[Ronald Reagan]] at the same time was also paying the top personal [[income tax]] rate of 92% during the [[New Deal]]. As Reagan aged and his face wrinkled, his ability to earn income diminished, but he was disallowed from depreciating the value of his primary capital asset - his face - against income. Reagan took up another career - politics - with a desire to reform an inherently flawed and unfair tax system. |