rates by eliminating the minimum tax on excluded gains and increasing the exclusion to 60 percent, thereby reducing the maximum rate to 28 percent. The 1981 tax rate reductions further reduced capital gains rates to a maximum of 20 percent. Later in the 1980s, Congress began increasing the capital gains tax rate and repealing the exclusion of capital gains. The Tax Reform Act of 1986 repealed the exclusion from income that provided for tax-exemption of long-term capital gains, raising the maximum rate to 28 percent (33 percent for taxpayers subject to phaseouts). When the top ordinary tax rates were increased by the 1990 and 1993 budget acts, an alternative tax rate of 28 percent was provided. Effective tax rates exceeded 28 percent for many high-income taxpayers, however, because of interactions with other tax provisions. The end of the 1990s and the beginning of the present century heralded major reductions in taxing the income from gains on capital assets. Lower rates for 18-month and five-year assets were adopted in 1997 with the Taxpayer Relief Act of 1997. In 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001, into law as part of a $1.35 trillion tax cut program. Corporate tax The United States' corporate tax rate was at its highest, 52.8 percent, in 1968 and 1969. The top rate was hiked last in 1993 to 35 percent. Under the Tax Cuts and Jobs Act of 2017, the rate adjusted to 21 percent. See also Income tax in the United States Starve the beast (policy) Taxation in the United States Tax resistance in the United States List of United States Supreme Court taxation and revenue case law History of taxation in the United Kingdom References Further reading Buenker, John D. "Urban Liberalism and the Federal Income Tax Amendment" Pennsylvania History (1969) 36#2 pp. 192-215 online Buenker, John D. "The ratification of the federal income tax amendment." Cato Journal. 1 (1981): 183-223. Buenker, John D. The Income Tax and the Progressive Era (Routledge, 2018) excerpt. Burg, David F. A World History of Tax Rebellions: An Encyclopedia of Tax Rebels, Revolts, and Riots from Antiquity to the Present (2003) excerpt and text search Ellis, Elmer. "Public Opinion and the Income Tax, 1860-1900." Mississippi Valley Historical Review 27.2 (1940): 225-242 online. Mehrotra, Ajay K. " ‘More mighty than the waves of the sea’: toilers, tariffs, and the income