income tax was introduced in the uk in 1965.
income tax was introduced in the uk in 1965.
when was income tax introduced in the uk?
1965
income tax act









































income tax act may refer to:









































section::::united kingdom.









































bullet::::- income tax act 1842









































bullet::::- income tax act 1952









































bullet::::- income tax (trading and other income) act 2005









































bullet::::- income tax act 2007









































section::::elsewhere.









































bullet::::- income tax act 1976, a statute of new zealand









































bullet::::- income tax act 1985, an act governing income taxes in canada









































bullet::::- the income-tax act, 1961, an act of the parliament of india









































bullet::::- individual income tax act of 1944, an act raising income tax in the united states
income tax act
the revenue act of 1964 was the first bill of the post-world war ii era to reduce marginal income tax rates. this reform, which was proposed under john f. kennedy but passed under lyndon johnson, reduced the top marginal income (annual income of $2.9 million+ adjusted for inflation) tax rate from 91% (for tax year 1963) to 77% (for tax year 1964) and 70% (for tax year 1965) for annual incomes of $1.4 million+. it was the first tax legislation to reduce the top end of the marginal income tax rate distribution since 1924. the top marginal income tax rate had been 91% since 1946 and had not been below 70% since 1936. the "bush tax cuts," which are the popularly known names of the economic growth and tax relief reconciliation act of 2001 and the jobs and growth tax relief reconciliation act of 2003 passed during president george w. bush's first term, reduced the top marginal income tax rate from 38.6% (annual income at $382,967+ adjusted for inflation) to 35%. these rates were continued under the obama administration and will extend through 2013. the number of income tax brackets declined during this time period as well but several years, particularly after 1992, saw an increase in the number of income tax brackets. in 1964, there were 26 income tax brackets. the number of brackets was reduced to 16 by 1981 and then collapsed into 13 brackets after passage of the economic recovery tax act of 1981. five years later, the 13 income tax brackets were collapsed into five under the reagan administration. by the end of the g. h. w. bush administration in 1992, the number of income tax brackets had reached an all-time low of three but president bill clinton oversaw a reconfiguration of the brackets that increased the number to five in 1993. the current number of income tax brackets, as of 2011, is six which is the number of brackets configured under president george w. bush.
tax policy and economic inequality in the united states