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Written by Dr. Harold Wong   

Why consider a Roth IRA conversion in 2014?

As a taxpayer, one does not have any control of what future tax rates will be under any new tax law.

The highest marginal federal income tax rate was 94 percent in 1944 and 1945, 91 percent from 1946-1951, 92 percent from 1952-1953, 91 percent from 1954-1963, 77 percent in 1964 and 70 percent from 1965-1981.

When I passed the Certified Public Accountant national CPA exam in November 1979, the highest federal tax bracket was 70 percent. Under President Reagan, The Economic Recovery Tax Act of 1981 eventually lowered the maximum 70 percent rate to 50 percent from 1982-86.

The maximum rate was 38.5 percent in 1987, 28 percent from 1988-1990, 31 percent from 1991-1992, 39.6 percent from 1993-2000, 39.1 percent in 2001; 38.6 percent in 2002 and 35 percent in 2003-2012.



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Holyoke Enterprise May 22, 2014