Revenue Act of 1935
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Revenue Act of 1935
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
- ^ 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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