Revenue Act Of 1913 Marriage

The underwood tariff act of 1913 decreased the tax by ten percent.

Revenue act of 1913 marriage. 14 that same year wilson signed a law that established the tariff commission which was charged with providing expert advice on tariff rates. Underwood quickly shepherded the revenue bill through the house of representatives but. The revenue act of 1913 also known as the underwood tariff or the underwood simmons act re established a federal income tax in the united states and substantially lowered tariff rates. Lincoln levied the first federal income tax by signing the revenue act.

Needing cash with which to fund the civil war abraham lincoln and the congress agreed to impose a 3 percent tax on annual incomes over 800 00. There d be a 59 182 exemption for single filers and a 78 909 exemption for married couples. The revenue act of 1913 also known as the underwood tariff or the underwood simmons act ch. The act established the lowest rates since the walker tariff of 1857.

Therefore the 1 bottom marginal rate applied only to the first 17 000 374 400 in 2010 dollars of income for single filers or the first 16 000 352 300 in 2010 dollars of income for married filers see also below the adjustments for inflation between 1913 and 2010 in the bls table. The act was sponsored by representative oscar underwood passed by the 63rd united states. The act was sponsored by representative oscar underwood passed by the 63rd united states congress and signed into law by president woodrow wilson. Wilson and other members of the democratic party had long seen high tariffs as equivalent to unfair taxes on consumers and tariff reduction was.