Word: bracket
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Dates: during 1990-1990
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...Texas millionaire in 1981, at the dawn of the Reagan/Bush era, was in the 70% marginal tax bracket. Of the next $1,000 he earned, $700 went to the Federal Government. Today he's in the 28% tax bracket...
...contrast, the rich Texan's plumber, self-employed and earning $30,000, was in about the 40% marginal tax bracket. Of the next $1,000 he earned, $400 went to the government -- $100 or so to Social Security, $300 to income tax. Today he's in the 43% bracket...