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 1926 Normal Tax and Surtax on Individuals 44 Stat. 21 |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 1.5 | 0 | 1.4 |
| 4,000 | 3 | 0 | 3 |
| 8,000 | 5 | 0 | 5 |
| 10,000 | 5 | 1 | 6 |
| 14,000 | 5 | 2 | 7 |
| 16,000 | 5 | 3 | 8 |
| 18,000 | 5 | 4 | 9 |
| 20,000 | 5 | 5 | 10 |
| 22,000 | 5 | 6 | 11 |
| 24,000 | 5 | 7 | 12 |
| 28,000 | 5 | 8 | 13 |
| 32,000 | 5 | 9 | 14 |
| 36,000 | 5 | 10 | 15 |
| 40,000 | 5 | 11 | 16 |
| 44,000 | 5 | 12 | 17 |
| 48,000 | 5 | 13 | 18 |
| 52,000 | 5 | 14 | 19 |
| 56,000 | 5 | 15 | 20 |
| 60,000 | 5 | 16 | 21 |
| 64,000 | 5 | 17 | 22 |
| 70,000 | 5 | 18 | 23 |
| 80,000 | 5 | 19 | 24 |
| 100,000 | 5 | 20 | 25 |
- Exemption of $1,500 for single filers and $3,500 for married couples and heads of family. A $400 exemption for each dependent under 18.
Read more about this topic: Revenue Act Of 1926
Famous quotes containing the words tax and/or individuals:
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“Views of women, on one side, as inwardly directed toward home and family and notions of men, on the other, as outwardly striving toward fame and fortune have resounded throughout literature and in the texts of history, biology, and psychology until they seem uncontestable. Such dichotomous views defy the complexities of individuals and stifle the potential for people to reveal different dimensions of themselves in various settings.”
—Sara Lawrence Lightfoot (20th century)