Quote:
Originally Posted by harveyc
There you go, sbl, beating up that 10th guy.
Something has to be missing in your 1983-84 tax comparison. Tax rates didn't go up for anybody then.
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I was wrong about the yr--it was the 1986 tax reform act--http://law.jrank.org/pages/10684/Tax-Reform-Act-1986.html
The bill was tax neutral--it did not increase or decrease the total income tax collected, but the rate went down for the rich and up for the dual income working families --note that the highest rate was reserved for upper middle class--33 % while the rate for the very rich was only 28%. It also eliminated a lot of deductions, no sales tax deduction (FL does not have income tax), no interest except on the house, no deduction for gasoline tax, it raised the amount required before you got a deduction for medical cost--I'm sure there were others I can't remember. The standard deduction did increase, but not nearly as much as my deductions would have been.