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The Robin Hood Plan is a colloquialism given to a provision of Texas Senate Bill 7 (73rd Texas Legislature) (the provision is officially referred to as "recapture"), originally enacted by the U.S. state of Texas in 1993 (and revised frequently since then) to provide equity of school financing within all school districts in the state of Texas.
Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000, equivalent of $16,717,815 in 2018 dollars [24]). The average rate for the ...
Five years later, the 13 income tax brackets were collapsed into five under the Reagan Administration. By the end of the G. H. W. Bush administration in 1992, the number of income tax brackets had reached an all-time low of three but President Bill Clinton oversaw a reconfiguration of the brackets that increased the number to five in 1993. The ...
For the 10 years of the tax benefit period, reduced local school district revenues are substantially replaced with state funds through the state public school finance system. [4] The Texas Tax Code gives the Texas Comptroller's office responsibility and authority to adopt rules necessary for the implementation and administration of the program. [5]
While pre-tax income is the primary driver of income inequality, the less progressive tax code further increased the share of after-tax income going to the highest income groups. For example, had these tax changes not occurred, the after-tax income share of the top 0.1% would have been approximately 4.5% in 2000 instead of the 7.3% actual figure.
He did not move to lower the 90% Federal income tax rates left over from World War II and there were three economic recessions over his presidency--a mild one in 1953-54 that followed up on the end of the Korean War and a bigger out that began in late 1957 and lasted through 1958. Another recession followed in 1960.
San Antonio Independent School District v. Rodriguez , 411 U.S. 1 (1973), was a case in which the Supreme Court of the United States held that San Antonio Independent School District 's financing system, which was based on local property taxes, was not a violation of the Fourteenth Amendment 's equal protection clause.
Federal tax policy was highly contentious during the war, with President Franklin D. Roosevelt opposing a conservative coalition in Congress. However, both sides agreed on the need for high taxes (along with heavy borrowing) to pay for the war: top marginal tax rates ranged from 81% to 94% for the duration of the war, and the income level subject to the highest rate was lowered from $5,000,000 ...