There is a lot of discussion of tax rates in the United States, especially every four years as an election approaches. I remember when I was taking an accounting ethics course at Austin Community College, one student said that our tax structure is not as progressive as it used to be and the teacher quickly […]
Posts in the History of Taxation in US category:
History of Taxation in the US: Great Depression through WWII
Then, in 1932 during the great depression the highest rate shot up to 63%, which was for people making over a million dollars. Obviously, there were not a lot of people making over a million dollars a year during the great depression. Still, it was 50% for those making over $88,000. And the lowest tax bracket […]
History of Taxation in US: Baby Boom years through Ronald Reagan
After the war was over in 1946, the top rate dropped slightly to 91% and the bottom rate dropped slightly to 20%. It remained pretty constant until 1964. It had a slight increase in rates in the early 50’s, but dropped back down to the 91% rate for the highest bracket and 20% for the […]
History of Taxation in US: Modern Day and Conclusions
Back to George Bush’s famous read my lips statement. In 1991 and 1992 Congress added one additional bracket of 31% for married couples making over $82,000 per year. It was only 2.5% additional tax on higher end taxpayers, and yet it hammered him politically. I guess you do not make promises you cannot keep. In […]