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On November 26, 1975, federal taxes remained a burden, especially amid stagflation—high inflation and slow economic growth. The Tax Reduction Act of 1975 offered some relief, but rising costs pushed many into higher tax brackets. The highest marginal income tax rate was 70%, inflation caused bracket creep, and payroll taxes continued increasing. These pressures fueled debates over tax reform, leading to policy shifts in the late 1970s and early 1980s.