Revenue Act Of 1926

The reduction of inheritance and personal income taxes.

Revenue act of 1926. The revenue act of 1926 was part of the mellon plan to lower tax rates. 9 reduced inheritance and personal income taxes cancelled many excise imposts eliminated the gift tax and ended public access to federal income tax returns. An act to reduce and equalize taxation provide revenue and for other purposes. Treasury secretary andrew mellon continued his drive toward the reduction of the size of government and the tax burdens it imposed on its citizens.

The united states revenue act of 1926 44 stat. The act was applicable to incomes for 1925 and thereafter. The united states revenue act of 1924 also known as the mellon tax bill cut federal tax rates and established the u s. Revenue act of 1926.

Board of tax appeals. The revenue act of 1926 reduced the maximum individual tax rate from 40 to 25. The bill was introduced by andrew mellon as secretary of the treasury during the republican administration of calvin coolidge. The revenue act of 1926 was signed into law by president.

The act established the office of the commissioner of internal revenue a department in charge of the collection of taxes and levied excise taxes on most items consumed and traded in the united states. Revenue act of 1924 fact 1. Highlights of the 1926 law included. The cancellation of many excise imposts luxury or nuisance taxes.

Passed by the 69th congress it was signed into law by president calvin coolidge. Due to strong opposition this was revoked in the 1926 revenue act. Be it enacted by the senate and house of representatives of the united states of america in congress assembled that this act divided into titles and sections according to the following table of contents may be cited as the revenue act of 1928. 9 reduced inheritance and personal income taxes cancelled many excise imposts eliminated the gift tax and ended public access to federal income tax returns.

26 1926 chapter 27 44 united states statutes at large 9 is a u s. President abraham lincoln signed the act into law on july 1 1862. The revenue act of 1926 feb. The united states revenue act of 1926 44 stat.

Federal law passed by the united states congress. The revenue act of 1926 reduced inheritance and personal income taxes cancelled many excise imposts and ended public access to federal income tax returns.