Taxes – Part 1
A funny thing happened on my way to writing about the Repubs “Pledge to America.” The first two items
- Stop job-killing tax hikes
- Allow small businesses to take a tax deduction equal to 20 percent of their income
have to do with taxes. So I looked up US tax rates and found this
Historical rates (married couples, filing jointly)
Table
| Tax year | Top marginal tax rate (%) |
Top marginal tax rate (%) on earned income, if different<1> |
Taxable income over– |
|---|---|---|---|
| 1913 | 7 | 500,000 | |
| 1914 | 7 | 500,000 | |
| 1915 | 7 | 500,000 | |
| 1916 | 15 | 2,000,000 | |
| 1917 | 67 | 2,000,000 | |
| 1918 | 77 | 1,000,000 | |
| 1919 | 73 | 1,000,000 | |
| 1920 | 73 | 1,000,000 | |
| 1921 | 73 | 1,000,000 | |
| 1922 | 58 | 200,000 | |
| 1923 | 43.5 | 200,000 | |
| 1924 | 46 | 500,000 | |
| 1925 | 25 | 100,000 | |
| 1926 | 25 | 100,000 | |
| 1927 | 25 | 100,000 | |
| 1928 | 25 | 100,000 | |
| 1929 | 24 | 100,000 | |
| 1930 | 25 | 100,000 | |
| 1931 | 25 | 100,000 | |
| 1932 | 63 | 1,000,000 | |
| 1933 | 63 | 1,000,000 | |
| 1934 | 63 | 1,000,000 | |
| 1935 | 63 | 1,000,000 | |
| 1936 | 79 | 5,000,000 | |
| 1937 | 79 | 5,000,000 | |
| 1938 | 79 | 5,000,000 | |
| 1939 | 79 | 5,000,000 | |
| 1940 | 81.1 | 5,000,000 | |
| 1941 | 81 | 5,000,000 | |
| 1942 | 88 | 200,000 | |
| 1943 | 88 | 200,000 | |
| 1944 | 94 <2> | 200,000 | |
| 1945 | 94 <2> | 200,000 | |
| 1946 | 86.45 <3> | 200,000 | |
| 1947 | 86.45 <3> | 200,000 | |
| 1948 | 82.13 <4> | 400,000 | |
| 1949 | 82.13 <4> | 400,000 | |
| 1950 | 84.36 | 400,000 | |
| 1951 | 91 <5> | 400,000 | |
| 1952 | 92 <6> | 400,000 | |
| 1953 | 92 <6> | 400,000 | |
| 1954 | 91 <7> | 400,000 | |
| 1955 | 91 <7> | 400,000 | |
| 1956 | 91 <7> | 400,000 | |
| 1957 | 91 <7> | 400,000 | |
| 1958 | 91 <7> | 400,000 | |
| 1959 | 91 <7> | 400,000 | |
| 1960 | 91 <7> | 400,000 | |
| 1961 | 91 <7> | 400,000 | |
| 1962 | 91 <7> | 400,000 | |
| 1963 | 91 <7> | 400,000 | |
| 1964 | 77 | 400,000 | |
| 1965 | 70 | 200,000 | |
| 1966 | 70 | 200,000 | |
| 1967 | 70 | 200,000 | |
| 1968 | 75.25 | 200,000 | |
| 1969 | 77 | 200,000 | |
| 1970 | 71.75 | 200,000 | |
| 1971 | 70 | 60 | 200,000 |
| 1972 | 70 | 50 | 200,000 |
| 1973 | 70 | 50 | 200,000 |
| 1974 | 70 | 50 | 200,000 |
| 1975 | 70 | 50 | 200,000 |
| 1976 | 70 | 50 | 200,000 |
| 1977 | 70 | 50 | 203,200 |
| 1978 | 70 | 50 | 203,200 |
| 1979 | 70 | 50 | 215,400 |
| 1980 | 70 | 50 | 215,400 |
| 1981 | 69.125 | 50 | 215,400 |
| 1982 | 50 | 85,600 | |
| 1983 | 50 | 109,400 | |
| 1984 | 50 | 162,400 | |
| 1985 | 50 | 169,020 | |
| 1986 | 50 | 175,250 | |
| 1987 | 38.5 | 90,000 | |
| 1988 | 28 <8> | 29,750 <8> | |
| 1989 | 28 <8> | 30,950 <8> | |
| 1990 | 28 <8> | 32,450 <8> | |
| 1991 | 31 | 82,150 | |
| 1992 | 31 | 86,500 | |
| 1993 | 39.6 | 89,150 | |
| 1994 | 39.6 | 250,000 | |
| 1995 | 39.6 | 256,500 | |
| 1996 | 39.6 | 263,750 | |
| 1997 | 39.6 | 271,050 | |
| 1998 | 39.6 | 278,450 | |
| 1999 | 39.6 | 283,150 | |
| 2000 | 39.6 | 288,350 | |
| 2001 | 39.1 | 297,350 | |
| 2002 | 38.6 | 307,050 | |
| 2003 | 35 | 311,950 |
Isn’t it amazing that the periods with the lowest marginal tax rates are also periods of the most severe economic pain for the vast majority of the people. And the periods of the highest tax rates, the 1940s – 1960s, were also the periods of the most growth for the country and for the working people in the USA.
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