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In a 5–4 decision on April 8, 1895, the Court ruled that the unapportioned income tax on income from land was unconstitutional. On May 20, 1895, the Court expanded its holding to rule that the unapportioned income tax on income from personal property (such as interest income and dividend income) was also unconstitutional. [2]
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]
The highest marginal tax rate for individuals for U.S. federal income tax purposes for tax years 1952 and 1953 was 92%. [100] From 1964 to 2013, the threshold for paying top income tax rate has generally been between $200,000 and $400,000 (unadjusted for inflation).
The Revenue Act of 1861, formally cited as Act of August 5, 1861, Chap. XLV, 12 Stat. 292, included the first U.S. Federal income tax statute (see Sec. 49).The Act, motivated by the need to fund the Civil War, [1] imposed an income tax to be "levied, collected, and paid, upon the annual income of every person residing in the United States, whether such income is derived from any kind of ...
It also established a one percent tax on income above $3,000 per year; the tax affected approximately three percent of the population. A separate provision established a corporate tax of one percent, superseding a previous tax that had only applied to corporations with net incomes greater than $5,000 per year.
Pitt hoped that the new income tax would raise £10 million a year, but actual receipts for 1799 totalled only a little over £6 million. [9] Pitt's income tax was levied from 1799 to 1802, when it was abolished by Henry Addington during the Peace of Amiens.
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 ...
an adjustment to the income tax that was created under the Revenue Act of 1861. The Revenue Act of 1862, section 92, states that "duties on incomes herein imposed shall be due and payable" in 1863 and each year thereafter until and including 1866 "and no longer."