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GNP fell from $103.1 billion in 1929 to $75.8 billion in 1931 and bottomed out at $55.6 billion in 1933. [25] Imports from Europe decreased from a 1929 high of $1.3 billion to just $390 million during 1932, and US exports to Europe decreased from $2.3 billion in 1929 to $784 million in 1932.
The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
Herbert Charles Hoover (August 4, 1903 – July 9, 1969), better known as Herbert Hoover Jr., was a British-born American engineer, businessman, and politician who served as United States Under Secretary of State from 1954 to 1957. [1] He was the elder son of President Herbert Hoover.
Henry Martin "Scoop" Jackson (May 31, 1912 – September 1, 1983) was an American lawyer and politician who served as a U.S. representative (1941–1953) and U.S. senator (1953–1983) from the state of Washington.