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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