[T]o call me one [an Englishman] without those rights is like calling an ox a bull. He’s thankful for the honor, but he’d much rather have restored what’s rightfully his.
—- Benjamin Franklin, “1776”
Democratic (socialist/fascist) President Carter signs the Revenue Act of 1978:
- Decreasing the number of personal “income” tax brackets from 45 to 28;
- Decreasing the lowest personal rate on the first 2,200 “dollars” earned from 20% to 14% of the first 2,300 “dollars” earned;
- Increasing the highest bracket (70%) personal rate on amounts earned over 102,200 “dollars” to 108,300 “dollars”; and
- Decreasing the highest corporate rate from 48% to 46%.
[restored 8/2/2025]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Revenue Act of 1978 – Wikipedia
en.wikipedia.org/wiki/Revenue_Act_of_1978
Corporate Income Tax: Definition, History, Rate
www.thebalance.com/corporate-income-tax-definition-history-effective-rate-3306024