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,
Income tax in the United States compensation, and self-employment income. Tax returns: Most individuals must file income tax returns to self assess income tax in each year their income exceeds the standard deduction plus one personal exemption. Some taxpayers must file an income tax return because they satisfy one of the following conditions: Other taxpayers must file income tax returns each year to self assess income tax. These returns may be filed electronically. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns. Tax payment: Taxpayers must