When the federal income tax was introduced in 1913 the bracket rates ranged from 1 percent to 7 percent. As late as 1939, half the taxpayers faced marginal rates below 4 percent. With the advent of World War II, rates went up substantially. In 1945, the lowest bracket rate was 23 percent, and the higher 94 percent. Rates eventually came down after the war. By the mid-1980s, there were 14 brackets, with marginal tax rates ranging from 11 percent to 50 percent. The Tax Reform Act of 1986 was a drastic change in the rate structure. The number of brackets was reduced to two, and the maximum statutory rate was set at only 28 percent. Rates crept back up in the 1990s, this trend was reversed by the 2001 tax act which included a phased reduction in rate over the period 2001-2010. For example, prior to EGTRRA,the top marginal tax rate was 39.6 percent, it is currently 35 percent.The tax rate schedules for single and joint returns in 2006 are in Table
When the federal income tax was introduced in 1913 the bracket rates ranged from 1 percent to 7 percent. As late as 1939, half the taxpayers faced marginal rates below 4 percent. With the advent of World War II, rates went up substantially. In 1945, the lowest bracket rate was 23 percent, and the higher 94 percent. Rates eventually came down after the war. By the mid-1980s, there were 14 brackets, with marginal tax rates ranging from 11 percent to 50 percent. The Tax Reform Act of 1986 was a drastic change in the rate structure. The number of brackets was reduced to two, and the maximum statutory rate was set at only 28 percent. Rates crept back up in the 1990s, this trend was reversed by the 2001 tax act which included a phased reduction in rate over the period 2001-2010. For example, prior to EGTRRA,the top marginal tax rate was 39.6 percent, it is currently 35 percent.The tax rate schedules for single and joint returns in 2006 are in Table
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