The top rate for the federal Individual Income Tax was 91 percent in 1963. In 1965 Congress lowered the top rate to 70 percent, in memory of JFK who had floated the idea. Then Ronaldus Magnus charmed Congress into lowering the top rate to 50 percent in 1982. Reagan again scored in 1988, when the top rate went to 28 percent.
Through the good graces of two or our more popular presidents, the top rate on personal income taxes fell by 63 percent in 23 years (source)."
Wednesday, June 22, 2011
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