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Author: Stephen Fishman

40 Years of Tax Changes

40 Years of Tax Changes

Few laws are as important as the federal tax law. It affects most of the 215 million adults who live in the United States, as well as millions of for-profit businesses and nonprofit entities. How has tax law changed since 1971? Let’s count just a few ways. In 1971 the top individual income tax rate was 70%. In 2011 it is 35%. In 1971, the average income tax rate for a typical family of four was 9.27%. In 2011, it…

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