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The United States Revenue Act of 1926, 44 Stat. 9, reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns. Passed by the 69th Congress, it was signed into law by President Calvin Coolidge . The act was applicable to incomes for 1925 and thereafter.
THE Revenue Act of 1926 has received public the 1924 Act, and provides that where property is attention chiefly on account of its sweeping tax transferred in revocable trust the basis for determ. reductions. It also contains a number of pro ining gain or loss in case of a sale by the trustee. visions making important changes in the technical.
Revenue act of 1924 in the September 1924 number of this REVIEW "Taxation and Tax-Exempt Income," 68 Cong., 1 Sess., Senate Doc. 148 (report of an investigation by the Federal Trade Commission) "The Investigation of the Bureau of Internal Revenue," 69 Cong., 1 Sess., Senate Report 27
Jul 1, 2014 · Revenue Act of 1926 Fact 1: The 1926 law reduced the maximum individual income tax rate from 40% to 25%. Revenue Act of 1926 Fact 2: The bill addressed objections to the 1924 act by eliminating the gift tax and reduced the estate tax (inheritance tax) from 40% to 20%. Revenue Act of 1926 Fact 2: The estate tax (inheritance tax) was ...
Revenue Act of 1926. Treasury Secretary Andrew Mellon continued his drive toward the reduction of the size of government and the tax burdens it imposed on its citizens. Highlights of the 1926 law included: the end of public access to federal income tax returns. The continuation of Republican tax reduction efforts would be evident again in the ...
The United States Revenue Act of 1924 (43 Stat. 253) (June 2, 1924), also known as the Mellon tax bill (after U.S. Secretary of the Treasury Andrew Mellon) cut federal tax rates for 1924 income. [1] The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the "earned income credit").
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SUMMARY OF 1926 ACT. Following is a somewhat more inclusive summary of the main amend- ments to the act of 1924 which resulted in the present law, the act of. 1926. 1. The maximum surtax rate of the Revenue act of 1926 is 20 per cent upon the net income in excess of $100,000. Under the act of 1924.
