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,
Sport in the United Kingdom funding plans which were more focused than ever before on rewarding sports which have delivered Olympic success, and as a corollary penalising those which have not. UK Sport also provides money for the recreational side of the main team sports, even football. Other sports benefit from special financial provision. British tennis is subsidised by the profits of the Wimbledon Championships, which are in the tens of millions of pounds each year. Horse racing benefits from a levy on betting. Following the Budget from 21 March 2007 there will be only few tax breaks to British sport in the near future.