Tax policy and economic inequality in the United States 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,
Inheritance Tax in the United Kingdom civil partner. Effective with the 2005-06 tax year, the Finance Act 2004 introduced a retrospective income tax regime known as pre-owned asset tax (POAT) which covers transactions not made at arm's length, where a person either: and then subsequently benefits from its use. The person liable for POAT may, while he is still alive, elect on a timely basis to have such transactions treated as gifts with reservations (thus subject to IHT) with respect to such transactions made in a given tax year. In 2002, Queen Elizabeth The Queen Mother left her estate (estimated at £50 million) to her daughter