 This reform, which was proposed under John F. Kennedy but passed under Lyndon Johnson, reduced the top marginal income (annual income of $2.9 million+ adjusted for inflation) tax rate from 91% (for tax year 1963) to 77% (for tax year 1964) and 70% (for tax year 1965) for annual incomes of $1.4 million+.It was the first tax legislation to reduce the top end of the marginal income tax rate distribution since 1924.The top marginal income tax rate had been 91% since 1946 and had not been below 70% since 1936.