CURRENT AFFAIRS

Detailed explanation-1: -Tax rates rose again under President Bill Clinton. The Omnibus Budget Reconciliation Act of 1993 increased the top two tax rates to 36% and 39.6%. It also raised the corporate tax rate on income above $10 million to 35%.

Detailed explanation-2: -Support for broad revision of the tax code had been mobilized at the behest of the Reagan administration in 1985 with the founding of the ad hoc organization Americans for Tax Reform by Grover Norquist.

Detailed explanation-3: -Key Takeaways. The Constitution gave Congress the power to impose taxes and other levies on the general public. Many of the taxes we pay today were created in the 1920s and 1930s, including the estate tax, gift tax, and Social Security taxes.

Detailed explanation-4: -10963, is the initial package of the Comprehensive Tax Reform Program (CTRP) signed into law by President Rodrigo Duterte on December 19, 2017. The TRAIN Act is the first of four packages of tax reforms to the National Internal Revenue Code of 1997, or the Tax Code, as amended.

Detailed explanation-5: -Back at the tail-end of that era, in the early 1960s, America’s richest faced a 91 percent tax rate on income in the top tax bracket. That top rate had been hovering around 90 percent for the previous two decades. In the 1950s, a Republican president, Dwight D. Eisenhower, made no move to knock it down.