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Reply #85: Everyone moves up through the lower brackets [View All]

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Blue Wally Donating Member (974 posts) Send PM | Profile | Ignore Tue Sep-28-04 08:09 PM
Response to Reply #64
85. Everyone moves up through the lower brackets
The top rate applies to marginal income at the top bracket. Before 1962, the top marginal rate was 91%. That meant that opnce you got above a certain threshold, 91% of every dollar went to income taxes. JFK cut this to 70% effective in 1963.
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