This Day in History: 1964-02-26

Washington DC: The largest ever tax cut in US history comes into effect. People earning under $2,000 see a fall from 20% to 14%; those earning over $200,000 go from 91% to 65%. Corporate tax levels fall from 52% to 47%. President Johnson hopes that these tax cuts will increase GDP and dramatically reduce unemployment from its current 5.2% level