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 1924 Normal Tax and Surtax on Individuals 43 Stat. 253 |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 2 | 0 | 2 |
| 4,000 | 4 | 0 | 4 |
| 8,000 | 6 | 0 | 6 |
| 10,000 | 6 | 1 | 7 |
| 14,000 | 6 | 2 | 8 |
| 16,000 | 6 | 3 | 9 |
| 18,000 | 6 | 4 | 10 |
| 20,000 | 6 | 5 | 11 |
| 22,000 | 6 | 6 | 12 |
| 24,000 | 6 | 7 | 13 |
| 26,000 | 6 | 8 | 14 |
| 28,000 | 6 | 9 | 15 |
| 30,000 | 6 | 10 | 16 |
| 34,000 | 6 | 11 | 17 |
| 36,000 | 6 | 12 | 18 |
| 38,000 | 6 | 13 | 19 |
| 42,000 | 6 | 14 | 20 |
| 44,000 | 6 | 15 | 21 |
| 46,000 | 6 | 16 | 22 |
| 48,000 | 6 | 17 | 23 |
| 50,000 | 6 | 18 | 24 |
| 52,000 | 6 | 19 | 25 |
| 56,000 | 6 | 20 | 26 |
| 58,000 | 6 | 21 | 27 |
| 62,000 | 6 | 22 | 28 |
| 64,000 | 6 | 23 | 29 |
| 66,000 | 6 | 24 | 30 |
| 68,000 | 6 | 25 | 31 |
| 70,000 | 6 | 26 | 32 |
| 74,000 | 6 | 27 | 33 |
| 76,000 | 6 | 28 | 34 |
| 80,000 | 6 | 29 | 35 |
| 82,000 | 6 | 30 | 36 |
| 84,000 | 6 | 31 | 37 |
| 88,000 | 6 | 32 | 38 |
| 90,000 | 6 | 33 | 39 |
| 92,000 | 6 | 34 | 40 |
| 94,000 | 6 | 35 | 41 |
| 96,000 | 6 | 36 | 42 |
| 100,000 | 6 | 37 | 43 |
| 200,000 | 6 | 38 | 44 |
| 300,000 | 6 | 39 | 45 |
| 500,000 | 6 | 40 | 46 |
- 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.
Read more about this topic: Revenue Act Of 1924
Famous quotes containing the words tax on, tax and/or individuals:
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The people needed to be rehoused, but I feel disgusted and depressed when I see how they have done it. It did not suit the planners to think how they might deal with the community, or the individuals that made up the community. All they could think was, “Sweep it away!” The bureaucrats put their heads together, and if anyone had told them, “A community is people,” they would not have known what they were on about.”
—May Hobbs (b. 1938)