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View Diary: 30 Years Ago Today: The Day the Middle Class Died (279 comments)

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  •  The very next year, 1982, the marginal income tax (0+ / 0-)

    rate on the highest bracket of earners was cut from 70% to 50%, a cut of 28.5% in percentage terms. This was the greatest cut in percentage terms since the 1925 during the administration of Calvin Coolige of from 46% to 25%, which was a cut of 45.6% in percentage terms. (The marginal rate on the highest bracket had been lowered slowly and erratically from 94% in 1945 to the 1981 rate of 70%; and we haven't seen a rate near 50% since 1986.)

    However, an additional cut, on top of the earlier Reagan cuts, of from 38.5% to 28% in marginal rates was coming for 1988, and this was a cut of 27.2% in percentage terms.

    H'mm. I'm not terribly into this, anymore.

    by Knarfc on Sat Aug 06, 2011 at 10:18:01 AM PDT

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