A Chronology of Federal Income Tax Policy: 1947-2009
22 Pages Posted: 24 Jul 2009
Date Written: October 10, 2007
This note provides a chronology of major tax events that involved changes in federal taxes on individual and corporate income from 1948 to 2006. For each event, the note provides background and policy motivation, major provisions, legislative timeline, and estimated revenue changes. As most tax changes were preceded by extensive legislative delays, this chronology suggests that people were likely to have foreknowledge about tax policy. It also finds that postwar income tax policy was typically motivated by one of three rationales: 1) balancing the budget or reducing deficits, 2) controlling inflation, and 3) stimulating economic activity or promoting growth.
Keywords: Policy Foresight, Timeline of Tax Events, Tax Policy, Fiscal Policy
JEL Classification: E62, E61, N42
Suggested Citation: Suggested Citation