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 1987?
Federal – 1987 Single Tax Brackets
| Tax Bracket | Tax Rate |
|---|---|
| $0.00+ | 11% |
| $1,800.00+ | 15% |
| $16,800.00+ | 28% |
| $27,000.00+ | 35% |
What were the tax rates in 1985?
For 1985 the average tax rate was steady at 14.4 percent of AGI, although this was slightly higher than the average rate for 1984 [3].
What was the highest federal income tax rate in 1989?
20 percent
For 1989, it was limited to 20 percent. Under the 1986 Act, all capital gains were to be treated as ordinary income, although for 1987, net long-term capital gains were taxed at a maximum rate of 28 percent.
What were the tax brackets in 1980?
Federal – 1980 Single Tax Brackets
| Tax Bracket | Tax Rate |
|---|---|
| $15,000.00+ | 30% |
| $18,200.00+ | 34% |
| $23,500.00+ | 39% |
| $28,800.00+ | 44% |
What were the tax brackets in 1989?
Federal – 1989 Single Tax Brackets
| Tax Bracket | Tax Rate |
|---|---|
| $0.00+ | 15% |
| $18,550.00+ | 28% |
What was income tax rate in 1980?
For 1980, the rate increased from 9.9 percent to 11.8 percent; for 1981, the rate went from 10.3 percent to 11.9 percent [1]. There are substantial differences between effective tax rates and tax bracket rates.
What was the tax rate in 1980s?
What was the tax rate in 1982?
The average tax rate on all taxable returns fell from 16.5 percent of AGI for 1981 to 15.4 percent for 1982. The average tax rate on the median class of returns fell from 12.1 percent to 11 . 1 percent [4].
What was the tax rate in 1986?
The Tax Reform Act of 1986 lowered the top tax rate for ordinary income from 50% to 28% and raised the bottom tax rate from 11% to 15%. This was the first time in U.S. income tax history that the top tax rate was lowered and the bottom rate was increased at the same time.
When were the 1988 tax brackets due?
This page shows Tax-Brackets.org’s archived Federal tax brackets for tax year 1988. This means that these brackets applied to all income earned in 1988, and the tax return that uses these tax rates was due in April 1989.
What was the average income tax rate in 1988?
For Tax Year 1988, the average tax per return increased to $3,628 from $3,190 forTax Year 1987 [1 ]. Tax as a percentage of adjusted gross income (AGI) increased slightly to 12.8 percent, from 12.7 percent for 1987.
What was the tax exemption amount for 1988 and 1989?
I The exemption amount for 1988 was $1,950 and for 1989 it was $2,000. Figure F on the 15 percent bracket was indexed for inflation, the first$18,550 was taxed at this rate for 1989. Ifthe single taxpayer had more than $17,850 in taxable income for 1988 ($18,550 for 1989), then the next $25,300 ($26,350) was taxed at 28 percent.
What was the tax rate structure in 1986?
The Tax Reform Act of 1986 provided a transitional, five- bracket tax rate structure for 1987 only, with a top marginal rate of38.5 percent. For 1988 and subsequent years, there were two basic tax rates, 15 percent and 28 percent. In addition, the rate structure included a 5 percent surtax on taxable income within the ranges shown in Figure A.