In “Guess Which President Really Oversaw Economic Booms,” Bloomberg columnist Justin Fox calculates annual economic growth rates per presidential term from Eisenhower through Obama, contrasting inflation-adjusted GDP totals in each president’s first and last quarter in office. In fact, if we wanted to do a little more math, we could get rid of brackets entirely and create some kind of formula that would tax an incrementally higher rate for every additional dollar you earn.
Theodore Roosevelt supported taxing the rich and initiated the estate tax. At the same time, President Clinton cut welfare spending. But to think tax brackets are the reason taxes are so complicated completely misses the point. But as the graphic above shows, the US has historically taxed the very wealthy more than the somewhat wealthy — and way more than the middle class. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. The key sections of Kennedy’s tax cut program were signed into law on February 26, 1964, by Johnson, 96 days after Kennedy’s assassination. Ronald Reagan raised taxes in 1982 with the Tax Equity and Fiscal Responsibility Act. In 1789, George Washington became the first U.S. president, enforcing tax law based on the Federalist Papers published in 1787 and 1788, which established the federal government's power to collect tax. It’s a proposal that Donald Trump made during the campaign, as did his competitors Marco Rubio, Ben Carson, and Jeb Bush, among others. The U.S. tax system “exerts too heavy a drag on growth,” Kennedy stated in an address to the Economic Club of New York. The debate around brackets often misses the point. In the 1960s, the tax brackets on the high end started to disappear, and during Ronald Reagan’s presidency we went down to just two brackets.

Bill Clinton raised taxes under the Omnibus Budget Reconciliation Act of 1993, which helped to finally balance the federal budget for the first time since 1969. Itemized Charitable Contributions (constant dollars), 1917-2017. Madison became president in 1809. Individual Taxes. Pro-growth policies and subsequent tax cuts accompanied these prosperous presidencies. That meant that many middle-class citizens were in the same tax bracket as millionaires. Following the February 1964 enactment of the Kennedy tax cuts, inflation-adjusted annual rates of U.S. economic growth increased from 5.8 percent in 1964 to 6.5 percent in 1965 and 6.6 percent in 1966. Ralph R. Reiland is an associate professor of economics at Robert Morris University and a columnist with the Pittsburgh Tribune-Review. Every President of the United States, to date, has decided between raising or reducing taxes. The Revenue Act of 1964 cut the federal marginal tax rate on top incomes from 91 percent to 70 percent, reduced the corporate tax rate from 52 percent to 48 percent, and reduced the tax rate in the bottom bracket from 20 percent to 14 percent. Historical itemized charitable contributions as total amount (constant dollars), percent of AGI, and percent of GDP, 1917-2017. The Kennedy and Johnson presidencies had the highest annual growth rates at 5.5 percent and 5.2 percent, respectively, stimulated by Kennedy’s pro-growth policies and subsequent tax cuts, more than doubling the 2.5 percent annual growth rate in the preceding Eisenhower terms. Income taxes helped America pay for involvement in World War I and II. By means of the denigrating label “trickle-down” economics, some argue that Kennedy’s reforms in the 1960s and Reagan’s tax cuts and deregulation in the 1980s overloaded benefits to business and top income earners, while bottom members of society received only a trickling down of petty benefits. Each president has to balance raising taxes with reducing or eliminating taxes established by his predecessors.
Aiming to stop inflation and balance the budget, Jimmy Carter raised taxes. George H.W. “America’s rise to world leadership in the century since the Civil War,” he continued, “has reflected more than anything else our unprecedented economic growth,” a growth essential to national security and rooted in private enterprise, economic freedom, limited government, and growing levels of consumer expenditures and business investment, key sectors of GDP. Franklin Delano Roosevelt increased taxes on the wealthy and created the Social Security Tax in 1935. In the 1960s, the tax brackets on the high end started to disappear, and during Ronald Reagan’s presidency we went down to just two brackets. ; David Greenberg; January 2004.


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