If you think taxes are too high, you need to read this

If you think taxes are too high, you need to read this(Photo: Getty Images)A cornerstone of President Donald Trump’s campaign was tax reform. You can read the full details of Trump’s tax plan here, but the general idea is that Trump pledged to consolidate the number of tax brackets from seven to three, lower the tax rates for most Americans, eliminate the marriage penalty and generally simplify our tax code.While taxes for many Americans are indeed higher now than they were under, say, President George W. Bush’s tax cuts, from a historical standpoint, federal income taxes really aren’t that high, nor is there a high number of tax brackets. Here’s a quick history lesson to put things into perspective – after all, it wasn’t that long ago that high earners paid federal income tax rates of 70%, 90% or even more.To put things in perspective, take a look at the top federal income tax rates since 1952, as well as the income threshold above which they were applied. For simplicity, I’ve only included the income thresholds for married couples filing joint tax returns, but the same top tax rates apply to all filing statuses.

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