The Revenue Act of 1932 raised United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 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

President of the United States

The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....

 Herbert Hoover

Herbert Hoover

Herbert Clark Hoover was the 31st President of the United States . Hoover was originally a professional mining engineer and author. As the United States Secretary of Commerce in the 1920s under Presidents Warren Harding and Calvin Coolidge, he promoted partnerships between government and business...

.

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.

Revenue Act of 1932 Normal Tax and Surtax on Individuals
Net Income (dollars)	Normal Rate (percent)	Surtax Rate (percent)	Combined Rate (percent)
0	4	0	4
4,000	8	0	8
6,000	8	1	9
10,000	8	2	10
12,000	8	3	11
14,000	8	4	12
16,000	8	5	13
18,000	8	6	14
20,000	8	8	16
22,000	8	9	17
24,000	8	10	18
26,000	8	11	19
28,000	8	12	20
30,000	8	13	21
32,000	8	15	23
36,000	8	16	24
38,000	8	17	25
40,000	8	18	26
42,000	8	19	27
44,000	8	20	28
46,000	8	21	29
48,000	8	22	30
50,000	8	23	31
52,000	8	24	32
54,000	8	25	33
56,000	8	26	34
58,000	8	27	35
60,000	8	28	36
62,000	8	29	37
64,000	8	30	38
66,000	8	31	39
68,000	8	32	40
70,000	8	33	41
72,000	8	34	42
74,000	8	35	43
76,000	8	36	44
78,000	8	37	45
80,000	8	38	46
82,000	8	39	47
84,000	8	40	48
86,000	8	41	49
88,000	8	42	50
90,000	8	43	51
92,000	8	44	52
94,000	8	45	53
96,000	8	46	54
98,000	8	47	55
100,000	8	48	56
150,000	8	49	57
200,000	8	50	58
300,000	8	51	59
400,000	8	52	60
500,000	8	53	61
750,000	8	54	62
1,000,000	8	55	63

• 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.