Are taxes better or worse than they were 20 years ago?
Today's income tax rates are low relative to the rates of the past century, especially for rich people. For most of the century, including some boom times, top-bracket income tax rates were much higher than they are today, according to the Business Insider. Periods of low tax rates are often followed by high tax rates, so they may go up again! Have a great day.
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About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
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