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Tax Brackets?


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/polisci120...

The Reagan tax relief act did away with the confiscatory tax brackets and simplified the IRS code.
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...
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%.
Keep in mind that in 1950, the average person probably earned $5,000 a year.
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