What was the tax rate in 1987?

What was the tax rate in 1987?

13.49 percent
Average tax rates based on the 1979 AGI concept were 13.56 percent for 1985, 13.59 percent for 1986, and 13.49 percent for 1987.

What was the tax rate in 1988?

Then, the Tax Reform Act of 1986, claiming that it was a two-tiered flat tax, expanded the tax base and dropped the top rate to 28 percent for tax years beginning in 1988.

What was the tax rate in 1989?

13.71 percent
The average tax rate (total income tax divided by adjusted gross income reported on returns showing a tax) was 13.71 percent for 1989 and 13.81 percent for 1988, compared to 13.67 percent for 1987.

How much can I earn until I pay 40% tax?

Standard Personal Allowance is £11,500. Basic Rate – 20% on income over £11,501 (standard Personal Allowance) up to £45,000 (£43,000 in Scotland). Higher Rate tax – 40% on income between £45,001 (£43,001 in Scotland) and £150,000. Additional Rate – 45% on any income over £150,000.

What were tax rates in 1957?

Federal – 1957 Single Tax Brackets

Tax Bracket Tax Rate
\$2,000.00+ 22%
\$4,000.00+ 26%
\$6,000.00+ 30%
\$8,000.00+ 34%

What is the tax rate for 2020?

2020 federal income tax brackets

Tax rate Taxable income bracket Tax owed
10% \$0 to \$14,100 10% of taxable income
12% \$14,101 to \$53,700 \$1,410 plus 12% of the amount over \$14,100
22% \$53,701 to \$85,500 \$6,162 plus 22% of the amount over \$53,700
24% \$85,501 to \$163,300 \$13,158 plus 24% of the amount over \$85,500

What’s the highest income tax rate?

37 percent
There are seven tax brackets for most ordinary income for the 2020 tax year: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.

What was the tax rate in 1958?

The federal individual income tax has had many more brackets and much higher rates in the past than it does today. In 1958, for example, there were 24 brackets (versus 6 today) and the top rate was 91 percent (versus 35 percent today).