What was the highest Marginal Income Tax Rate ever in history? For the US and any other industrialized nation?

In: Business.Tax Asked by: danuti Dec 28, 2007 - 86 Months Ago.  Viewed 11061 times

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Income tax was temporarily introduced in Britain to fund the Napoleonic wars in 1799.   An income tax was first instituted in Britain on a permanent basis in 1842, at 10% on a income above £60 per year. The highest marginal rate peaked in the Second World War at 99.25% and remained at about 95% until the late 1970s.

The United States did not use an income tax until 1861, as a temporary measure to help finance the Civil War; that tax was repealed in 1871, and no income tax was levied until 1913. From an initial top rate of 7% in 1913, the top rate rose to 77% by 1918 to help finance World War I. The top rate fell to 25% after the war, from 1925 to 1928, but peaked at 94% in 1944 and 1945, and it remained above 90% until it was reduced to 70% by 1964.
Answered by: Meagan - 83 Months Ago.
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There were 2 lines in the income tax return:
 1. Amount you made this year.
 2. Amount to send in: Copy from Line 1.
Answered by: sherwin - 85 Months Ago.
Imagine tax rate like 110%... then you send it all in, and still owe 10% lol
Commented by: Meagan - 81 Months Ago.
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Answered by: korsu001 - 7 Months Ago.
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