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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.
The term "income" is not defined in the Internal Revenue Code. The closest that Congress comes to defining income is found in the definition of "gross income" in Internal Revenue Code section 61, which is largely unchanged from its predecessor, the original Section 22(a) definition of income in the Revenue Act of 1913: Sec. 22(a).
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 act taxed legacies and inherited personal property on a graduated scale according to the size of the estate and the degree of relationship to the deceased ...
Underwood quickly shepherded the revenue bill through the House of Representatives, but the bill won approval in the United States Senate only after extensive lobbying by the Wilson administration. Wilson signed the bill into law on October 3, 1913. The Revenue Act of 1913 lowered average tariff rates from 40 percent to 26 percent.
P.L. 103-322 Enacted 09/13/94 Violent Crime Control and Law Enforcement Act of 1994 P.L. 103-337 Enacted 10/05/94 National Defense Authorizations Act for Fiscal Year 1995 P.L. 103-387 Enacted 10/22/94 Social Security Domestic Employment Reform Act of 1994
The Revenue Act of 1918, 40 Stat. 1057, raised income tax rates over those established the previous year. [ 1 ] [ 2 ] The bottom tax bracket was expanded but raised from 2% to 6%. The act simplified the tax structure created by the 1917 act .
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).