Revenue Act of 1924
From Wikipedia, the free encyclopedia
The United States Revenue Act of 1924 also known as the Mellon tax bill cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the United States Tax Court in 1942. The bill was named after Secretary of the Treasury Andrew Mellon.
Prior to its passage, the top income tax bracket taxed income above $500,000 at a 46% rate. Afterwards, the top bracket taxed all income above $100,000 at only a 25% rate.
The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the "earned income credit").
A parallel act, the Indian Citizenship Act of 1924 (43 U.S. Stats. At Large, Ch. 233, p. 253 (1924)), granted all non-citizen resident Indians citizenship. [1] Thus the Revenue Act declared that there were no longer any "Indians, not taxed" to be not counted for purposes of United States Congressional apportionment.
President Calvin Coolidge signed the bill into law.
| Tax Acts of the United States |
|---|
| Internal Revenue: 1861 • 1862 • 1864 • 1913 • 1916 • 1917 • 1918 • 1921 • 1924 • 1926 • 1928 • 1932 • 1935 • 1940 • 1940 • 1941 • 1942 • 1943 • 1943 • 1944 • 1945 • 1948 • 1950 • 1950 • 1951 • 1954 • 1954 • 1962 • 1964 • 1968 • 1969 • 1971 • 1975 • 1976 • 1977 • 1978 • 1981 • 1982 • 1986 • 1990 • 1993 • 1996 • 1997 • 1998 • 2001 • 2002 • 2003 • 2006
Tariffs: 1789: Hamilton I • 1790: Hamilton II • 1792: Hamilton III • 1816: Dallas • 1824: Sectional • 1828: Abominations • 1832 • 1833: Compromise • 1842: Black • 1846: Walker • 1857 • 1861: Morrill • 1872 • 1875 • 1883: Mongrel • 1890: McKinley • 1894: Wilson-Gorman • 1897: Dingley • 1909: Payne-Aldrich • 1913: Underwood • 1921: Emergency • 1922: Fordney-McCumber • 1930: Smoot-Hawley • 1934: Reciprocal • 1948: GATT • 1962 • 1974/75 • 1979 • 1984 • 1988 • 1989: Canada FT • 1993: NAFTA • 1994: WTO • 2002: Steel |
