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Previously, corporate income above $335,000 was taxed at 34%. The Act created new brackets of 35% for income from $10 million to $15 million, 38% for income from $15 million to $18.33 million, and 35% for income above $18.33 million. The 2.9% Medicare tax had previously been capped to apply to the first $135,000 of income. The cap was removed.
Between 2001 and 2003, the Bush administration instituted a federal tax cut for all taxpayers. Among other changes, the lowest income tax rate decreased from 15% to 10%, the 27% rate went to 25%, the 30% rate went to 28%, the 35% rate went to 33%, and the top marginal tax rate went from 39.6% to 35%. [8]
>55% 50–55% 45–50% 40–45% 35–40% 30–35% Government spending as percentage of GDP in different countries, 1890 to 2011 This is a list of countries by government spending as a percentage of gross domestic product (GDP) for the listed countries, according to the 2014 Index of Economic Freedom [38] by The Heritage Foundation and The Wall ...
Today’s best savings rates are at FDIC-insured digital banks and online accounts offering yields of more than 5.35% APY with a minimum $500 opening deposit at My Banking Direct and Western ...
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Clinton signed the Omnibus Budget Reconciliation Act of 1993 into law on August 10, 1993. The law created a 36 percent to 39.6 percent income tax for high-income individuals in the top 1.2% of wage earners. Businesses were given an income tax rate of 35%. The cap was repealed on Medicare. Gas taxes were raised 4.3 cents per gallon.
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