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Buenker, John D. "The ratification of the federal income tax amendment." Cato Journal. 1 (1981): 183-223. Buenker, John D. The Income Tax and the Progressive Era (Routledge, 2018) excerpt. Burg, David F. A World History of Tax Rebellions: An Encyclopedia of Tax Rebels, Revolts, and Riots from Antiquity to the Present (2003) excerpt and text search
Federal, State, and Local income tax as a percent GDP Federal income, payroll, and tariff tax history Taxes revenue by source chart history US Capital Gains Taxes history In 1913, the top tax rate was 7% on incomes above $500,000 (equivalent to $15.4 million [ 97 ] in 2023 dollars) and a total of $28.3 million was collected.
Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862. [9] After the war when the need for federal revenues decreased, Congress (in the Revenue Act of 1870) let the tax law expire in 1873. [10]
The first income tax in the United States was implemented with the Revenue Act of 1861 by Abraham Lincoln during the Civil War. In 1895 the Supreme Court ruled that the U.S. federal income tax on interest income, dividend income and rental income was unconstitutional in Pollock v. Farmers' Loan & Trust Co., because it was a direct tax.
The first tax cut (Economic Recovery Tax Act of 1981) among other things, cut the highest personal income tax rate from 70% to 50% and the lowest from 14% to 11% and decreased the highest capital gains tax rate from 28% to 20%. [1] The second tax cut (Tax Reform Act of 1986) among other things, cut the highest personal income tax rate from 50% ...
The top federal income tax rate was 91% for much of the 1950s. However, this figure is a bit misleading regarding what the wealthy paid. ... 800-290-4726 more ways to reach us. Sign in. Mail. 24/7 ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
The IRS just released its inflation-adjusted tax brackets for 2025 — and it’s the smallest increase in four years. Income thresholds for each tax bracket will rise by about 2.8% in the new ...