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For the 1964 tax year, the top marginal tax rate for individuals was lowered to 77%, and then to 70% for tax years 1965 through 1981. In 1978 income brackets were adjusted for inflation, so fewer people were taxed at high rates. [40] The top marginal tax rate was lowered to 50% for tax years 1982 through 1986. [41]
In total, the US lost over $200 billion in 2012 chained dollars due to the original tax cut in the first four years and around $1 billion for the second tax cut. Revenues grew from 1982 to 1987 by a total of $137 billion in revenue which adds up to roughly $64 billion in net revenue lost because of the cuts.
1972: Cornelius Gallagher (D-NJ) pleaded guilty to tax evasion and served two years in prison. 1974: Otto Kerner Jr. (D) - Resigned as a judge of the Federal Seventh Circuit Court District after conviction for bribery, mail fraud, and tax evasion while Governor of Illinois. He was sentenced to 3 years in prison and fined $50,000.
In the financial year 2023, the IRS launched only 979 criminal cases for legal-source tax crimes, one of which is failure to file tax returns. By not filing his taxes, Bernon risks becoming part ...
President Donald Trump has issued a slew of executive orders (EO) since beginning his second term, including one that may have an impact on your tax refund.One of Trump’s EOs initiated a hiring ...
I just discovered my dad owes $200,000 to the IRS, hasn’t filed taxes in years, and has a lien on the house my mom paid for. ... has fallen behind on filing his tax returns and he now owes the ...
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