Many social scientists have recently commented on the high levels of income inequality in the United States. Indeed, the last time income inequality was as great as it is today was 1928, the year before the stock market crash ushered in the Great Depression. In this article, the authors offer a historical look at income inequality and taxation in the United States and present a lesson that draws on history and current events to consider the federal income tax system. (Contains 6 figures and 30 notes.)