The 28% rate wasn’t long for this world. It edged up to 31% for 1991 and 1992 — the first time the highest income tax rate increased over the prior year since 1952. But the era’s tax rate was really set with the Omnibus Budget Reconciliation Act of 1993. Looking to trim deficits, it boosted the top tax rate to 39.6%, where it stayed through the end of the decade.
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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.