Revenue Act of 1935

The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent of the highest incomes.^[1]

It was signed into law by President Franklin D. Roosevelt.

The 1935 Act also was popularly known at the time as the "Soak the Rich" tax.^[2] To solve the problem of tax evasion through loopholes, the Revenue Act of 1937 revised tax laws and regulations to increase the efficacy of the tax.^[1]

References

1 2 "Understanding Taxes Student Site". Internal Revenue Service. Retrieved December 31, 2012. President Franklin D. Roosevelt's New Deal programs forced an increase in taxes to generate needed funds. The Revenue Act of 1935 introduced the Wealth Tax, a new progressive tax that took up to 75 percent of the highest incomes. Many wealthy people used loopholes in the tax code. The Revenue Act of 1937 cracked down on tax evasion by revising tax laws and regulations.
↑ Henretta, James; David Brody; Lynn Dumenil; Susan Ware (2004). America's History - Volume 2: Since 1865. Boston: Bedford/St. Martin's. p. 729. ISBN 0-312-40958-3.

External Resources

Text of Revenue Act of 1937

Tax Acts of the United States

Internal Revenue	1861 1862 1864 1913 1916 1917 1918 1921 1924 1926 1928 1932 1934 1935 1936 1940 1940 (2nd) 1941 1942 1943 1943 1944 1945 1948 1950 1950 1951 1954 1954 Code 1962 1964 1968 1969 1971 1975 1976 1977 1978 1981 1982 Gas Tax 1984 COBRA 1986 1986 Code 1990 1993 1996 1997 1998 2001 2002 2003 2004 2005 2006 2008 Crisis 2009 2010 2012

Tariffs	1789: Hamilton I 1790: Hamilton II 1792: Hamilton III 1816: Dallas 1824: Sectional 1828: "Abominations" 1832 1833: Compromise 1842: Black 1846: Walker 1857 1861: Morrill 1872 1875 1883: Mongrel 1890: McKinley 1894: Wilson–Gorman 1897: Dingley 1909: Payne–Aldrich 1913: Underwood 1921: Emergency 1922: Fordney–McCumber 1930: Smoot–Hawley 1934: Reciprocal 1948: GATT 1962 1974/75 1979 1984 1988 1988: Canada FT 1993: NAFTA 1994: WTO 2002: Steel

This article is issued from Wikipedia - version of the 7/16/2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.