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Superman #139 - Cover art by Curt Swan and Stan Kaye (1960)
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That federal minimum wage didn't apply to majority of US workers:
https://legalclarity.org/what-was-minimum-wage-in-1960-the-1-00-rate-and-coverage/
Federal income tax was pretty high on top of that : https://web.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf