The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised United States taxes on higher income levels, corporations, and gifts and estates.
It was signed into law by President Franklin D. Roosevelt as part of the Second New Deal.
The 1935 Act was popularly known at the time as the "Soak the Rich" tax.[1] It raised tax rates on incomes above $50,000. The Act did little to increase federal tax revenue, and it did not significantly redistribute income. Nonetheless, the bill was very popular and many believed it was a radical departure from tradition.[citation needed] Business leaders and the wealthy were upset about this and other of Roosevelt's policies and called him a traitor against his own class.[citation needed]
References
- 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.
Notes
- ^ Henretta et al.
|
||||||||
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
