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 1921 Normal Tax and Surtax on Individuals 42 Stat. 233 |
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| Net Income | Normal Rate | Surtax applicable to 1921 |
Surtax applicable to 1922 and thereafter |
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| (dollars) | (percent) | Surtax Rate (percent) |
Combined Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 4 | 0 | 4 | 0 | 4 |
| 4,000 | 8 | 0 | 8 | 0 | 8 |
| 5,000 | 8 | 1 | 9 | 0 | 8 |
| 6,000 | 8 | 2 | 10 | 1 | 9 |
| 8,000 | 8 | 3 | 11 | 1 | 9 |
| 10,000 | 8 | 4 | 12 | 2 | 10 |
| 12,000 | 8 | 5 | 13 | 3 | 11 |
| 14,000 | 8 | 6 | 14 | 4 | 12 |
| 16,000 | 8 | 7 | 15 | 5 | 13 |
| 18,000 | 8 | 8 | 16 | 6 | 14 |
| 20,000 | 8 | 9 | 17 | 8 | 16 |
| 22,000 | 8 | 10 | 18 | 9 | 17 |
| 24,000 | 8 | 11 | 19 | 10 | 18 |
| 26,000 | 8 | 12 | 20 | 11 | 19 |
| 28,000 | 8 | 13 | 21 | 12 | 20 |
| 30,000 | 8 | 14 | 22 | 13 | 21 |
| 32,000 | 8 | 15 | 23 | 15 | 23 |
| 34,000 | 8 | 16 | 24 | 15 | 23 |
| 36,000 | 8 | 17 | 25 | 16 | 24 |
| 38,000 | 8 | 18 | 26 | 17 | 25 |
| 40,000 | 8 | 19 | 27 | 18 | 26 |
| 42,000 | 8 | 20 | 28 | 19 | 27 |
| 44,000 | 8 | 21 | 29 | 20 | 28 |
| 46,000 | 8 | 22 | 30 | 21 | 29 |
| 48,000 | 8 | 23 | 31 | 22 | 30 |
| 50,000 | 8 | 24 | 32 | 23 | 31 |
| 52,000 | 8 | 25 | 33 | 24 | 32 |
| 54,000 | 8 | 26 | 34 | 25 | 33 |
| 56,000 | 8 | 27 | 35 | 26 | 34 |
| 58,000 | 8 | 28 | 36 | 27 | 35 |
| 60,000 | 8 | 29 | 37 | 28 | 36 |
| 62,000 | 8 | 30 | 38 | 29 | 37 |
| 64,000 | 8 | 31 | 39 | 30 | 38 |
| 66,000 | 8 | 32 | 40 | 31 | 39 |
| 68,000 | 8 | 33 | 41 | 32 | 40 |
| 70,000 | 8 | 34 | 42 | 33 | 41 |
| 72,000 | 8 | 35 | 43 | 34 | 42 |
| 74,000 | 8 | 36 | 44 | 35 | 43 |
| 76,000 | 8 | 37 | 45 | 36 | 44 |
| 78,000 | 8 | 38 | 46 | 37 | 45 |
| 80,000 | 8 | 39 | 47 | 38 | 46 |
| 82,000 | 8 | 40 | 48 | 39 | 47 |
| 84,000 | 8 | 41 | 49 | 40 | 48 |
| 86,000 | 8 | 42 | 50 | 41 | 49 |
| 88,000 | 8 | 43 | 51 | 42 | 50 |
| 90,000 | 8 | 44 | 52 | 43 | 51 |
| 92,000 | 8 | 45 | 53 | 44 | 52 |
| 94,000 | 8 | 46 | 54 | 45 | 53 |
| 96,000 | 8 | 47 | 55 | 46 | 54 |
| 98,000 | 8 | 48 | 56 | 47 | 55 |
| 100,000 | 8 | 52 | 60 | 48 | 56 |
| 150,000 | 8 | 56 | 64 | 49 | 57 |
| 200,000 | 8 | 60 | 68 | 50 | 58 |
| 300,000 | 8 | 63 | 71 | ||
| 500,000 | 8 | 64 | 72 | ||
| 1,000,000 | 8 | 65 | 73 | ||
- 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. Married couple exemption is reduced to $2,000 for net income over $5,000.
Read more about this topic: Revenue Act Of 1921
Famous quotes containing the words tax on, tax and/or individuals:
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“If the individuals who compose the purest circles of aristocracy in Europe, the guarded blood of centuries, should pass in review, in such manner as that we could, at leisure, and critically inspect their behavior, we might find no gentleman, and no lady; for, although excellent specimens of courtesy and high-breeding would gratify us in the assemblage, in the particulars, we should detect offence. Because, elegance comes of no breeding, but of birth.”
—Ralph Waldo Emerson (1803–1882)