Check out this link... Lets here what you have to say about tax brackets from back when. This is crazy. http://www.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf
2007-03-26 11:33:05 · 4 answers · asked by Anonymous in Politics & Government ➔ Politics
hear*********
2007-03-26 11:37:16 · update #1
The Reagan tax relief act did away with the confiscatory tax brackets and simplified the IRS code.
2007-03-26 11:48:07 · answer #1 · answered by meathookcook 6 · 0⤊ 0⤋
Yeah, makes Clinton's top bracket of 39.6% look pretty tame, huh? Republicans hate to be reminded that the Eisenhower administration instituted a top bracket of 90%. Of course Sean Hannity will probably tell tham that Eisenhower wasn't really a Republican, or some other such garbage...
2007-03-26 18:39:47 · answer #2 · answered by vt500ascott 3 · 0⤊ 0⤋
Those brackets are insane. I don't think they tell the whole story though-- For example, what tax breaks were around then, shelters, etc. etc. I find it hard to believe the people like the Kennedys etc. payed 70% tax on their earnings.
I think Reagan was the first to eliminate those huge tax brackets. I think the highest he implemented was like 36%.
2007-03-26 18:41:23 · answer #3 · answered by dapixelator 6 · 0⤊ 0⤋
Keep in mind that in 1950, the average person probably earned $5,000 a year.
2007-03-26 18:53:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋