While rates started dropping under President John F. Kennedy, the current era really began in earnest under President Reagan. After 62 years where the top tax bracket paid at least 70%, it dropped to 69.13% for 1980 and then again to 50% with the Economy Recovery Tax Act of 1981. More cuts would come later, with the top rate falling to 28% by the end of the decade — the lowest rate since that 15% level in 1916.
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2 thoughts on “Then and Now: The Top Tax Rates Over the Last Century”
Property taxes are illegal, because the property owner has to carry the expenses of the more numerous none property owners. Taxes should apply equally to all Americans.
It does. Cecelia, don’t you imagine that the property owners, by way of their financial advisors,are accounting for property taxes in the rents charged to their tenants? That would include commercial property, certainly. It simply makes sense to pass some of that on, since it’s a cost of doing business. Being a renter doesn’t indicate a lack of intelligence. I’m sure it’s also something your restrauranteur, jewelry store, furniture store, or other favorite place, consider when first deciding on pricing for goods and services.