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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.
In 1978, Congress reduced capital gains tax rates by eliminating the minimum tax on excluded gains and increasing the exclusion to 60 percent, thereby reducing the maximum rate to 28 percent. [69] The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20 percent.
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.
The money for the Interstate Highway and Defense Highways was handled in a Highway Trust Fund that paid for 90 percent of highway construction costs with the states required to pay the remaining 10 percent. It was expected that the money would be generated through new taxes on fuel, automobiles, trucks, and
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 [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862.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]
Even if you haven’t seen it, you’ve likely heard of the bold tax plan she discussed: A 70 percent tax on earnings over $10 million to pay for her climate change plan — also known as the ...
In 1964, the effective capital gains tax rate was 25%. This means that the actual tax percentage of all capital gains realized in the U.S. in 1964 was 25% as opposed to the nominal capital gains tax rate, or the percentage that would have been collected by the government prior to deductions and evasions. [49]
[90] Eisenhower speaks with men of the ... instead of the much higher personal tax rate. This ruling saved Eisenhower about $400,000. ... below 50 percent in 1958 ...