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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.
First, the Revenue Act of 1916 expressly stated that a "stock dividend shall be considered income, to the amount of the cash value." [ 19 ] In a previous case, Towne v. Eisner , the Court had ruled, however, that a stock dividend made in 1914 against surplus earned prior to January 1, 1913 was not taxable under the Act of October 3, 1913, which ...
In 1878, a federal telephone excise tax was introduced as a "war tax" to help pay for the Spanish–American War, but was repealed in 1902.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 Revenue Act of 1913, also known as the Tariff Act of 1913, Underwood Tariff or the Underwood-Simmons Act (ch. 16, 38 Stat. 114), re-established a federal income tax in the United States and substantially lowered tariff rates.
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%.
By 1875 the Internal Revenue awarded the contract to print for revenue stamps to the National Bank Note Company who prepared a second series of proprietary stamps. The new revenue stamps are commonly referred to as the "second proprietary issue," and occur in 1-cent, 2-cent, 3-cent, 4-cent, 5-cent, and 6-cent denominations.
The Committee on Public Information (1917–1919), also known as the CPI or the Creel Committee, was an independent agency of the government of the United States under the Wilson administration created to influence public opinion to support the US in World War I, in particular, the US home front.