Revenue Act of 1916

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The United States Revenue Act of 1916, cited as "Act of Sept. 8, 1916, Ch. 463, 39 Stat. 756," raised the lowest income tax rate from 1 % to 2 % and raised the top rate to 15 % on taxpayers with incomes above $2 million. (Previously, the top rate had been 7 % on income above $500,000.)

The entry of the United States into World War I greatly increased the need for revenue.

An excess profits tax was introduced and the modern estate tax was imposed.

[edit] Inflation-adjusted numbers

Corrected for inflation by CPI:

1916 dollars	2005 dollars
$500,000	$8,958,716
$2,000,000	$35,834,862

Tax Acts of the United States

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