Revenue Act of 1935
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The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised United States taxes on higher income levels, gifts, estates and corporations, by introducing the "Wealth Tax". It was a new graduated tax that took up to 75 percent of the highest incomes in taxes,[1] starting at incomes above $50,000.
It was signed into law by President Franklin D. Roosevelt to generate needed funds for the projects of his Second New Deal.
The 1935 Act also was popularly known at the time as the "Soak the Rich" tax.[2] Many wealthy people used loopholes in the existing tax code to evade these taxes, and the Revenue Act of 1937[1] cracked down on this by revising tax laws and regulations.[1]
[edit] References
- ^ a b The Wealth Tax of 1935 and the Victory Tax of 1942, Internal Revenue Service
- ^ Henretta, James; David Brody, Lynn Dumenil, Susan Ware (2004). America's History - Volume 2: Since 1865. Boston: Bedford/St. Martin's. p. 729. ISBN 0-312-40958-3.
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