Should Income Tax Rates For Wealthy Taxpayers Be Increased?

Policy Backgrounders | Taxes

No. 102
Friday, July 20, 1990
by John C. Goodman

Lower personal income tax rates are Ronald Reagan's most significant legacy.  The highest rate was 70 percent in 1980.  Tax reform in 1981 reduced it to 50 percent and in 1986 to 28 percent that prevails today.  Although tax rates are much lower, the federal government now collects more revenue (as a percent of GNP) than it did in 1980.

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