Revenue Act Of 1913

A corporation tax had already been included in the payne aldrich tariff law.

Revenue act of 1913. The act was sponsored by representative oscar underwood passed by the 63rd united states congress and signed into law by president woodrow wilson. The act was sponsored by representative oscar underwood passed by the 63rd united states congress and signed into law by president woodrow wilson. Capital gains on transactions entered into for profit were. View more articles from the.

Wilson used his patronage powers to guide it to senate passage 44 to 37 in september 1913. An overview of legislative changes since 1913 3 revenue act of 1913 the revenue act of 1913 enacted after the adoption of the sixteenth amendment to the constitution established the framework for the current individual income tax. October 3 is the 100th anniversary of the revenue act of 1913 and with it the first federal income tax of the 20th century. 114 re established a federal income tax in the united states and substantially lowered tariff rates.

The revenue act of 1913 re imposed the federal income tax without regard to the population of each state. The revenue act of 1913 also known as the underwood tariff or the underwood simmons act ch. The revenue act of 1913 which greatly lowered tariffs and implemented a federal income tax was enacted shortly after the sixteenth amendment was ratified. It was sponsored introduced by house majority leader oscar underwood.

As was aptly said by one of the ambassa 1 the revenue act of 1913 is entitled an act to reduce tariff duties and to provide revenue for the government and for other purposes section i fixes the tariff duties. 114 re established a federal income tax in the united states and substantially lowered tariff rates. Section ii levies the income tax. The law is often trotted out in tax reform discussions especially by those convinced that the modern tax regime has strayed from its origins.

In 1913 the revenue act or the underwood act or the underwood tariff or the underwood tariff act or the underwood simmons act or simply the tariff act federal income tax was signed into law re imposed by president woodrow wilson after the ratification of the sixteenth amendment. It did not include any specific provisions covering the tax treatment of capital gains income. The 1913 act established the lowest rates since the walker tariff of 1857. Section iii the one here under consideration settles the administrative details of the tariff.

The revenue act of 1913 also known as the underwood tariff or the underwood simmons act ch. Politically it was considered a major triumph for president woodrow wilson. The revenue act of 1913 passed the house 281 to 139 in may 1913.