Think your taxes are high now? There’s a good chance they would have been higher a few decades ago. A newly-constructed historical database of tax payments reveals that the total tax rate (that’s federal, state, and local taxes combined) has fallen for millions of Americans since the 1980s. In fact, the majority of taxpayers—from lower-income households to the nation’s highest earners—are currently benefiting from some of the lowest tax burdens of their lifetimes. For those who lived through the 1950s and 60s, however, tax nostalgia may be justified—rates for most Americans back then were a fraction of what they are today.
Source: The New York Times
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Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
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