Revenue Act Of 1916
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8 1916 chapter 463 39 united states statutes at large 756 is a u s.
Revenue act of 1916. 756 september 8 1916 raised the lowest income tax rate from 1 to 2 and raised the top rate to 15 on taxpayers with incomes above 2 million. Previously the top rate had been 7 on income above 500 000 the act also instituted the federal estate tax. Those with incomes above 1 5 million were taxed at 15 percent. The revenue act of 1916 was signed into law by president.
Previously the top rate had been 7 on income above 500 000 the act also instituted the federal estate tax. Previously the top rate had been 7 on income above 500 000 the act also instituted the federal estate tax. Federal law passed by the united states congress. 756 september 8 1916 raised the lowest income tax rate from 1 to 2 and raised the top rate to 15 on taxpayers with incomes above 2 million.
The united states revenue act of 1916 ch. Revenue act of 1916 last updated september 14 2019. The united states revenue act of 1916 ch. The entry of the united states into world war i greatly increased the need.
Congress responded to this need by passing an initial revenue act in 1916 raising the lowest tax rate from 1 percent to 2 percent.
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