Revenue Act of 1935
Encyclopedia
The Revenue Act of 1935, (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, 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. Many wealthy people used loopholes in the existing tax code to evade these taxes, and the Revenue Act of 1937http://www.scribd.com/doc/24622956/PL-75-377-Revenue-Act-of-1937 cracked down on this by revising tax laws and regulations.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
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, starting at incomes above $50,000.
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....
Franklin D. Roosevelt
Franklin D. Roosevelt
Franklin Delano Roosevelt , also known by his initials, FDR, was the 32nd President of the United States and a central figure in world events during the mid-20th century, leading the United States during a time of worldwide economic crisis and world war...
to generate needed funds for the projects of his Second New Deal
Second New Deal
The Second New Deal is the term used by commentators at the time and historians ever since to characterize the second stage of the New Deal programs of President Franklin D. Roosevelt...
.
The 1935 Act also was popularly known at the time as the "Soak the Rich" tax. Many wealthy people used loopholes in the existing tax code to evade these taxes, and the Revenue Act of 1937http://www.scribd.com/doc/24622956/PL-75-377-Revenue-Act-of-1937 cracked down on this by revising tax laws and regulations.