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The United States War Revenue Act of 1917 greatly increased federal income tax rates while simultaneously lowering exemptions. [1] The 2% bracket had previously applied to income below $20,000. That amount was lowered to $2,000. The top bracket (on income above $2 million) was raised from 15% to 67%. The act was applicable to incomes for 1917.
This tax was repealed and replaced by another income tax in the Revenue Act of 1862. [9] After the war when the need for federal revenues decreased, Congress (in the Revenue Act of 1870) let the tax law expire in 1873. [10] However, one of the challenges to the validity of this tax reached the United States Supreme Court in 1880. In Springer v.
The top rate was increased to 77%, and applied to income above $1,000,000. The top rate of the War Revenue Act of 1917 had taxed all income above $2,000,000 at a 67% rate. The act was applicable to incomes for 1918. For 1919 and 1920 the top normal tax rate was reduced from 12 percent to 8%.
In 1878, a federal telephone excise tax was introduced as a "war tax" to help pay for the Spanish–American War, but was repealed in 1902. [2] In 1914, it was reinstated as part of the Emergency Internal Revenue Tax Act, after President Wilson called on Congress to raise an additional $100 million due to World War I. [1]
The Harrison Narcotics Tax Act (Ch. 1, 38 Stat. 785) was a United States federal law that regulated and taxed the production, importation, and distribution of opiates and coca products. The act was proposed by Representative Francis Burton Harrison of New York and was signed into law by President Woodrow Wilson on December 17, 1914. [1] [2]
The United States Revenue Act of 1916, (ch. 463, 39 Stat. 756, September 8, 1916) raised the lowest income tax rate from 1% to 2% and raised the top rate to 15% on taxpayers with incomes above $2 million ($57.8 million in 2024 dollars). Previously, the top rate had been 7% on income above $500,000 ($14.4 million in 2024 dollars).
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via ...
Authorizing Teinstatement of J.N. Gilbert to Position of Storekeeper-Gauger in Internal Revenue Service in Tennessee July 28, 1914 185 2006: Darien Naval Radio Station July 30, 1914 186 2007: Prescribing the Duties of Constables August 3, 1914 187 2011: To Enforce Neutrality of Wireless Stations August 5, 1914 188 2012