Search results
Results from the WOW.Com Content Network
The United States Revenue Act of 1924 (43 Stat. 253) (June 2, 1924), also known as the Mellon tax bill (after U.S. Secretary of the Treasury Andrew Mellon) cut federal tax rates for 1924 income. [1] The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the " earned income credit ").
The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". [1] It was a progressive tax that took up to 75 percent of the highest incomes (over $1 million per year). [2] The Congress separately also passed new taxes that were regressive, especially the Social ...
Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862.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]
The Revenue Act of 1940 permanently increased individual income tax rates in the United States, permanently increased corporate tax rates from 19% to 33% and temporarily increased most excise tax rates to 30-50%. The personal exemption fell from $2,500 to $2,000 (married couples).
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
Gilbert E. Metcalf is the John DiBiaggio Professor of Citizenship and Public Service, emeritus, at Tufts University, where he was a professor of economics.Currently, he is a visiting professor at the MIT Sloan School as well as a research associate at the National Bureau of Economic Research and a University Fellow at Resources For The Future.
Normal Tax and Surtax on Individuals [3] Net Income (dollars) Normal Rate (percent) Surtax Rate (percent) Combined Rate (percent) 0 1.5 0 1.5 4,000 3 0 3 8,000 5 0 5 10,000 5 1 6 14,000 5 2 7 16,000 5 3 8 18,000 5 4 9 20,000 5 5 10 22,000 5 6 11 24,000 5 7 12 28,000 5 8 13 32,000 5 9 14 36,000 5 10 15 40,000 5 11 16 44,000 5 12 17 48,000 5 13 ...
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.