Revenue Act New Deal

30 1935 raised federal income tax on higher income levels by introducing the wealth tax.

Revenue act new deal. As a group the new deal revenue acts of the mid 1930s substantially boosted the tax burden on rich. The revenue act of 1935 introduced the wealth tax a new progressive tax that took up to 75 percent of the highest incomes. The congress separately also passed new taxes that were regressive especially the social security tax. Indeed the revenue act of 1932 increased american tax rates greatly in an attempt to balance the federal budget and by doing so it dealt another contractionary blow to the economy by further discouraging spending.

Roosevelt s new deal initiated in early 1933 did include a. He quickly delivered the new deal which addressed reforms to guide america through the catastrophic events. Other articles where revenue act is discussed. The revenue act of 1935 49 stat.

Many wealthy people used loopholes in the tax code the revenue act of 1937 cracked down on tax evasion by revising tax laws and regulations. The new deal came about when roosevelt decided it was the governments duty to help american people through tough times like the great depression. It was a progressive tax that took up to 75 percent of the highest incomes over 1 million per year. Roosevelt s new deal programs forced an increase in taxes to generate needed funds.