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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (497101)	11/22/2003 5:05:01 PM
From: Peter O'Brien	Respond to of 769670

The top marginal income tax rate in the Kennedy era was 91% (1961, 1962, and 1963). The top marginal income tax rate was reduced to 77% in 1964 and to 70% in 1965. In contrast, the top marginal rate in 2002 (the most recently completed year) was 38.6%. Now, let's see how effective these different tax rates were at ACTUALLY COLLECTING REVENUE: According to CBO data, revenues from individual income taxes were 8.0% of GDP in 1962 and 7.9% of GDP in 1963. In 2002, revenues from individual income taxes were 8.3% of GDP. FACT: TODAY WE COLLECT MORE REVENUE IN INDIVIDUAL INCOME TAXES (AS A % OF GDP) WITH A TOP MARGINAL RATE OF 38.6% THAN WE DID IN 1962 OR 1963 WITH A TOP MARGINAL RATE OF 91%. cbo.gov