Revenue Act of 1935

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Revenue Act of 1935

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The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised United States federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent on incomes over 5 million.[1]

It was signed into law by President Franklin D. Roosevelt.

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]

References

  1. ^ a b The Wealth Tax of 1935 and the Victory Tax of 1942, Internal Revenue Service
  2. ^ 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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