Revenue Act of 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.

The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.

It was signed into law by President Herbert Hoover.

Tax on Corporations

A rate of 13.75 percent, increased from the prior 12.0 percent, was levied on the net income of corporations.

Tax on Individuals

A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.

Exemption of $1,000 for single filers and $2,500 for married couples and heads of family. A $400 exemption for each dependent under 18.

References

↑ Facsimile from Statutes at Large

External links

Ghosts of 1932: The Lost History of Estate and Gift Taxation, Jeffrey A. Cooper, 9 Florida Tax Review 875-917, available for download at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1438181

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Revenue_Act_of_1932

Revenue Act of 1766

The Revenue Act 1767 (6 Geo. III ch. 52) was an Act passed by the Parliament of Great Britain in response to objections raised to the Sugar Act 1764. The Revenue Act was passed in conjunction with the Free Port Act 1767.

The Act was repealed by the Statute Law Revision Act 1867.

References

Tyler, John W. Smugglers & Patriots: Boston Merchants and the Advent of the American Revolution. Boston: Northeastern University Press, 1986. ISBN 0-930350-76-6.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Revenue_Act_of_1766