| TOP FEDERAL TAX RATES SINCE 1916 | ||||
| Regular Income | Capital Gains Income | |||
| Year | Top Marginal Tax Rate | Top Rate Starts at Taxable Income (joint) of: | Top Tax Rate | Exclusions, Holding Periods, etc. |
| 1916 | 15.0% | $ 2,000,000 | 15.0% | Realized gains taxed same as other income |
| 1917 | 67.0% | 2,000,000 | 67.0% | " |
| 1918 | 77.0% | 1,000,000 | 77.0% | " |
| 1919-21 | 73.0% | 1,000,000 | 73.0% | " |
| 1922 | 58.0% | 200,000 | 12.5% | 50% exclusion for holding period >2 years |
| 1923 | 43.5% | 200,000 | 12.5% | " |
| 1924 | 46.0% | 500,000 | 12.5% | " |
| 1925-28 | 25.0% | 100,000 | 12.5% | " |
| 1929 | 24.0% | 100,000 | 12.5% | " |
| 1930-31 | 25.0% | 100,000 | 12.5% | " |
| 1932-33 | 63.0% | 1,000,000 | 12.5% | " |
| 1934-35 | 63.0% | 1,000,000 | 31.5% | Sliding exclusion from 0% (<1 year) to 70% (>10 years) |
| 1936-37 | 78.0% | 2,000,000 | 39.0% | " |
| 1938-40 | 78.0% | 2,000,000 | 30.0% | Excl. 50%>2yrs; 67% 18-24mo; 0%<18mo; 30%Max |
| 1941 | 80.0% | 2,000,000 | 30.0% | " |
| 1942-43 | 88.0% | 200,000 | 25.0% | 50% exclusion for holding period> 6 months |
| 1944-45 | 94.0% | 200,000 | 25.0% | " |
| 1946-47 | 86.5% | 200,000 | 25.0% | " |
| 1948-49 | 82.1% | 200,000 | 25.0% | " |
| 1950 | 84.4% | 200,000 | 25.0% | " |
| 51-64 | 91.0% | 200,000 | 25.0% | " |
| 64-67 | 70.0% | 200,000 | 25.0% | " |
| 1968 | 75.3% | 200,000 | 26.9% | Transition |
| 1969 | 77.0% | 200,000 | 27.5% | Transition |
| 1970 | 70%/50% | 200,000 | 32.3% | Transition |
| 1971 | 70%/50% | 200,000 | 34.3% | Transition |
| 1972-75 | 70%/50% | 200,000 | 36.5% | 50% exclusion, min tax effects |
| 1976-77 | 70%/50% | 203,200 | 39.9% | 50% exclusion, min tax effects |
| 1978 | 70%/50% | 203,200 | 39.0% | 50% exclusion, min tax effects |
| 1979-80 | 70%/50% | 215,400 | 28.0% | 60% exclusion |
| 1981 | 70%/50% | 215,400 | 23.7% | 50% or 60% exclusion, etc.,transition |
| 1982-86 | 50.0% | 215,400 | 20.0% | 60% exclusion |
| 1987 | 38.5% | 192,930 | 28.0% | 28% maximum rate |
| 1988-90 | 28%/33% | * | 28%/33% | Realized gains taxed same as other income |
| 1991-92** | 31% (31.9%) | 82,150 | 28% (28.8%) | 28% (28.8%) maximum rate |
| 1993-1994** | 39.6% (40.8%) | 250,000 | 28% (28.8%) | " |
| 1995 | " | 256,500 | " | " |
| 1996 | " | 263,750 | " | " |
| 1997 | " | 271,050 | 20% | 3 holding periods determine rate |
| 1998 | " | 278,450 | 20% | 2 holding periods determine rate |
| *1988-90 detail |
28% 33% 28% |
30,000 72,000 193,000 |
28% 33% 28% |
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