The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by President Herbert Hoover.
Read more about Revenue Act Of 1932: 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)
“The situation is that of him who is helpless, cannot act, in the event cannot paint, since he is obliged to paint. The act is of him who, helpless, unable to act, acts, in the event paints, since he is obliged to paint.”
—Samuel Beckett (1906–1989)