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President Eisenhower fought his own party to keep the highest tax rate at an astounding 90%, but President Kennedy finally lowered it to 70% upon taking office. Ronald Reagan, 1981-89
The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". [1] It was a progressive tax that took up to 75 percent of the highest incomes (over $1 million per year). [2] The Congress separately also passed new taxes that were regressive, especially the Social ...
Following World War II tax increases, top marginal individual tax rates stayed near or above 90%, and the effective tax rate at 70% for the highest incomes (few paid the top rate), until 1964 when the top marginal tax rate was lowered to 70%.
Nonetheless, throughout Eisenhower's presidency, the top marginal tax rate was 91 percent—among the highest in American history. [168] When Republicans gained control of both houses of the Congress following the 1952 election, conservatives pressed the president to support tax cuts.
50. West Virginia Average income of the top 1%: $535,648 Single filers:Total income and sales taxes paid: $197,901 Tax burden: 36.95% Married couples filing jointly:Total income and sales taxes ...
The United States Revenue Act of 1964 (Pub. L. 88–272), also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. The act became law on February 26, 1964.
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.
The figures show a decrease in the total effective tax rate from 37.0% in 1979 to 29% in 1989. The effective individual income tax rate dropped from 21.8% to 19.9% in 1989. However, by 2010, the top 1 percent of all households an average federal tax rate of 29.4 percent, with 2013 rates to be significantly higher. [47]