The United States Revenue Act of 1926, 44 Stat. 9, reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns.
Passed by the 69th Congress, it was signed into law by President Calvin Coolidge.
The act was applicable to incomes for 1925 and thereafter.
Read more about Revenue Act Of 1926: Tax On Corporations, Tax On Individuals
Famous quotes containing the words revenue and/or act:
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“And everyone who hears these words of mine and does not act on them will be like a foolish man who built his house on sand. The rain fell, and the floods came, and the winds blew and beat against that house, and it fell-and great was its fall!”
—Bible: New Testament, Matthew 7:26-27.
Jesus.