Material changes to the U.S. income tax system appear at hand. Details await finalization, and the “devil” certainly will be in them. Debate over these changes has included sharply differing views on appropriate rates, income levels to be taxed and the impact on overall economic activity. For individuals, what should be the relative tax burden among income groups? For corporations, what tax structure and rates will help them compete with their foreign counterparts? A historical review can provide perspective.