by James Hickman
Schiff Sovereign
Dwight Eisenhower had a huge problem in 1948.
After winning the war in Europe and defeating the Nazis, “Ike” was one of the most popular and recognizable men in the world… and publishing houses were falling all over themselves for his memoirs.
Doubleday, a New York based publisher, won the bid by paying a massive $635,000 advance for the book rights. That’s worth tens of millions in today’s money, putting him in the same category as the Obamas’ two book, $65 million publishing deal.
Eisenhower’s problem, however, was the US tax code; $635,000 would immediately bump him into the highest income tax bracket with a 91% marginal rate, and he would have to fork over the vast majority of that income to the government.