60th anniversary of the Revenue Act of 1964 and Why it Matters

Tomorrow marks the 60th anniversary of a tax measure proposed by President Kennedy and signed into law by President Johnson. This law reduced the top marginal tax rate for individuals form 91% to 70% and the top corporate tax rate from 52% to 48%. It was predicted that there’d be a big loss in revenue, but in fact federal revenue increased. With the expiration of the Tax Cuts and Jobs Act…and rate cuts within it…set to expire at the end of 2025, think back 60 years. #IdeaoftheDay