Uvealabues
Did the onerous income taxes of the 1950s and ’60s affect the behavior of big-money boxers? The Atlantic’s Henry Fetter believes so, as he explains in his recent article:
The theory makes perfect sense, and yes, you read that right: back in the ’50s, the marginal rate of the uppermost individual Federal income tax bracket was indeed an incredible 90%! In other words, after making a certain amount of money, nine out of ten of your hard-earned dollars went straight to the man. If I had a demotivational font, I’d use it here to type “Ouch!”
In 1965, the top tax rate fell to 70%, and it stayed there until Reagan swaggered into the joint and knocked everyone on their asses. By the end of his second term, as he gave a parting high five to Bush, he’d gutted the upper bracket to a millionaire-friendly 28% on all earnings over $160,000 – in today’s dollars! Trickle down, baby!
Three decades later, the Gipper is long gone, but the tax code legacy of Reaganomics lives on. To illustrate, Weather Sealed’s infographic team charted the historical U.S. income tax brackets for singles, adjusted for inflation, from 1910 to present:
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