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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 ").
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 [8] This tax was repealed and replaced by another income tax in the Revenue Act of 1862.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 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 ...
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").
For example, taxpayers in bracket 2 could face a 15% tax rate instead of their current 12% rate, and taxpayers in bracket 3 could pay a 25% rate in place of the current 22% rate. The maximum tax ...
The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
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.