The fact that it costs 30 bucks to legally put 3 bucks in the pocket of an ex-president is probably a bargain.
In early February, just before leaving office, it was announced that Truman had agreed to sell his memoirs to Doubleday for an advance of six hundred thousand dollars. It was an astronomical sum, especially in 1953, when the average worker's annual salary was barely more than four thousand. It was assumed the former president's financial worries were over. Like Grant before him, he'd been saved from financial ruin by a book deal. But the truth was far different.
For one thing, the advance would be taxed income, at a rate of 67 percent. Four years earlier when Truman was in the White House, the IRS had allowed Dwight Eisenhower to claim his $635,000 advance on Crusade in Europe as a capital gain, rather than income, reasoning that the general was not a writer by profession. That reduced the tax on Ike's advance to 25 percent. When Truman asked the IRS for permission to claim his own advance as a capital gain, as Eisenhower did, his request was denied. This did little to improve the relations between the ex-president and the incumbent.
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