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The top rate peaked at 94%
Haha...why bother.
The truth is in those days all high earners were on "deferred compensation" and "stock option" schemes to reduce taxes.
There were plenty of dodges in the tax code for the wealthy. They didn't pay all that money, at all. They paid the politicians to set that up for them.
absolutely, anything to minimize your tax liability
that's the problem with Congress and CBO, they think no one will hire lawyers and accountants to create tax shelters etc
update:
one of the enduring effects of Carter and Reagan is highest bracket will never hit 40%, not even Obama and Biden had the nerve go there but we know they did
Brave ai made an error about 1986. The top bracket was cut to 28%.
It jumped so they could do WWI. You know, the war to end all wars. They had to take the money from someone, didn't they. So, they took it from the slaves citizens.
Lincoln imposed temporary income tax during the Civil War
He had to steal the money for the war somehow!! That was also when gold was money.
Civil war green backs
They were supposedly exchangeable for gold at the going rate of $20 per ounce.
Look how quickly it jumped to 67 in 1917
from Brave ai...
Income Tax Rate History
The history of income tax rates in the United States has seen significant fluctuations over the years, influenced by various economic and political factors. Here is a summary of the changes in the top marginal income tax rates:
As of 2024 and 2025, the highest marginal tax rate is 37%. However, if the Tax Cuts and Jobs Act of 2017 is not extended, the top federal income tax bracket is set to rise to 39.6% in 2026.