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 Inheritance Tax in the United Kingdom In the United Kingdom, Inheritance Tax is a transfer tax. It was introduced with effect from 18 March 1986, replacing Capital Transfer Tax. Prior to the introduction of Estate Duty by the Finance Act 1894, there was a complex system of different taxes relating to the inheritance of property, that applied to either realty (land) or personalty (other personal property): In 1894, estate duty replaced probate duty, account duty, certain additional succession duties, and temporary estate duty. Legacy duty and succession duty were later abolished by the Finance Act 1949, followed by the abolition