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,
Property tax in the United States Some jurisdictions have set limits on how much property values may be increased from year to year for property tax purposes. These limits may be applied yearly or cumulatively, depending on the jurisdiction's rules. The assessment process varies widely by jurisdiction as to procedure and timing. In many states, the process of assessment and collection may be viewed as a two-year process, where values are determined in the first year and tax assessed and paid in the second. Most jurisdictions encourage property owners to declare the value of their property at the start of the assessment process. Property owners in