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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 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]
This tax was repealed and replaced by another income tax in the Revenue Act of 1862.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] However, one of the challenges to the validity of this tax reached the United States Supreme Court in 1880. In Springer v.
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.
This is a chronological, but incomplete, list of United States federal legislation passed by the 57th through 106th United States Congresses, between 1901 and 2001. For the main article on this subject, see List of United States federal legislation.
In 1878, a federal telephone excise tax was introduced as a "war tax" to help pay for the Spanish–American War, but was repealed in 1902.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 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%.
The rate was increased in 1917 during World War I. [25] The top marginal tax rate was reduced to 58% in 1922, to 25% in 1925 and finally to 24% in 1929. In 1932 the top marginal tax rate was increased to 63% during the Great Depression and steadily increased, reaching 94% in 1944 [ 26 ] (on income over $200,000, equivalent of $2,868,625 in 2018 ...