Thursday, September 28, 2006
The Tax Policy Center has posted Summary of Major Enacted Tax Legislation from 1981 - 2006 on its web site. Here is the Introduction:
In the past 25 years, there has been a major tax bill about every 2-3 years, and since 2001, there has been at least one every year. This legislation has substantially altered our tax laws. In 1980, the top individual income tax rate was 70 percent and the top rate on corporations was 46 percent. Today, the top rates on both are 35 percent. In 1980, individual income taxes were 8.9 percent of GDP; today they comprise 8.1 percent. Payroll taxes have increased as a share of Federal revenues and corporate income taxes and excise taxes have declined. In addition, over the past quarter century, the Congress has enacted numerous new and expanded exemptions, tax credits, and special deductions for favored activities, while limiting and reducing others. The tax law is a major component of Federal policy towards health care, housing, retirement security, education, energy, support for low-income families, states and localities, and non-profit organizations and many other areas. In this way, the tax law affects virtually every aspect of American citizens’ lives.
This page lists selected provisions of major tax legislation enacted between 1981 and 2006. Links to related Tax Policy Center publications and tables for legislation since 2001, as well as revenue tables and summaries from the Joint Committee on Taxation, can be found at the bottom of the page. This document and summary tables of legislation by act and by date are available in PDF.