The United States War Revenue Act of 1917 greatly increased federal income tax rates while simultaneously lowering exemptions.
The 2% bracket had previously applied to income below $20,000. That amount was lowered to $2,000. The top bracket (on income above $2 million) was raised from 15% to 67%.
The act was applicable to incomes for 1917.
Read more about War Revenue Act Of 1917: War Income Tax For Individuals, Inflation-adjusted Numbers
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“‘Yes; quaint and curious war is!
You shoot a fellow down
You’d treat if met where any bar is,
Or help to half-a-crown.’”
—Thomas Hardy (1840–1928)
“Happy are those who find wisdom, and those who get understanding, for her income is better than silver, and her revenue better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called happy.”
—Bible: Hebrew, Proverbs 3:13-18.
“To see him act is like reading Shakespeare by flashes of lightning.”
—Samuel Taylor Coleridge (1772–1834)