|
Revenue Act (other)
The Revenue Act can refer to a number of tax-related laws: British Empire *Revenue Act of 1764, popularly known as the Sugar Act * Revenue Act of 1766 *Revenue Act of 1767 (7 Geo. 3. c. 46), one of the Townshend Acts United States * Revenue Act of 1861 * Revenue Act of 1862 * Revenue Act of 1894, known as the Wilson–Gorman Tariff Act * War Revenue Act of 1898 * Revenue Act of 1913 * Revenue Act of 1916 * War Revenue Act of 1917 * Revenue Act of 1918 * Revenue Act of 1921 * Revenue Act of 1924 * Revenue Act of 1926 * Revenue Act of 1928 * Revenue Act of 1932 * Revenue Act of 1934 * Revenue Act of 1935 * Revenue Act of 1936 * Revenue Act of 1940 * Revenue Act of 1941 * Revenue Act of 1942 * Revenue Act of 1943 * Revenue Act of 1945 * Revenue Act of 1948 * Revenue Act of 1950 * Revenue Act of 1951 * Revenue Act of 1962 The United States Revenue Act of 1962 established a 7% investment tax credit and required information reporting to the government for interest and div ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sugar Act
The Sugar Act 1764, also known as the American Revenue Act 1764 or the American Duties Act, was a revenue-raising act passed by the Parliament of Great Britain on 5 April 1764. The preamble to the act stated: "it is expedient that new provisions and regulations should be established for improving the revenue of this Kingdom ... and ... it is just and necessary that a revenue should be raised ... for defraying the expenses of defending, protecting, and securing the same." The earlier Molasses Act 1733, which had imposed a tax of six pence per gallon of molasses, had never been effectively collected due to colonial evasion. By reducing the rate by half and increasing measures to enforce the tax, Parliament hoped that the tax would actually be collected.Miller pp. 100–101 These incidents increased the colonists' concerns about the intent of the British Parliament and helped the growing movement that became the American Revolution. Background The Molasses Act 1733 was passed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1934
The Revenue Act of 1934 (May 10, 1934, ch. 277, ) raised United States individual income tax rates marginally on higher incomes. The top individual income tax rate remained at 63 percent. It was signed into law by President Franklin D. Roosevelt Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the .... Tax on Corporations A rate of 13.75 percent was levied on the net income of corporations. Tax on Individuals A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table. *Exemption of $1,000 for single filers and $2,500 for married couples and heads of family. A $400 exemption for each dependent under 18. References 1934 in American law United States federal taxation legislation {{US-fed-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Reform Act Of 1969
The Tax Reform Act of 1969 () was a United States federal tax law signed by President Richard Nixon in 1969. Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions. It also established individual and corporate minimum taxes and a new tax schedule for single taxpayers. The Act slightly increased standard deductions and personal exemptions and created more stringent requirements on nonprofit organizations, which many argue drove them to professionalization. Summary The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows. * phased-in increase in personal exemption amount from $600 to $750 * repealed investment tax credit * increased minimum standard deduction from $300 plus $100 per capita (total max $1,000) to $1,000 * phased-in increase in percentage standard deduction from 10% to 15 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1964
The United States Revenue Act of 1964 (), also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. The act became law on February 26, 1964. Kennedy proposed the bill on the advice of Keynesian economist Walter Heller, who believed that temporary deficit spending would boost economic growth. The act was initially blocked by conservatives like Senator Harry F. Byrd, but Lyndon Johnson was able to guide it through Congress after the assassination of Kennedy in November 1963. The act cut federal income taxes by approximately twenty percent across the board, and the top federal income tax rate fell from 91 percent to 70 percent. The act also reduced the corporate tax from 52 percent to 48 percent and created a minimum standard deduction. Summary of provisions The Office of Tax Analysis of the United States Department of the Treasury summarized th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1962
The United States Revenue Act of 1962 established a 7% investment tax credit and required information reporting to the government for interest and dividend payments. External links Full text of the ActSummary of the act United States federal taxation legislation 1962 in American law {{US-fed-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1951
The United States Revenue Act of 1951 temporarily increased individual income tax rates through 1953, and temporarily raised corporate tax rates 5 percentage points through March 31, 1954. Excise taxes on alcohol, tobacco, gasoline, and automobiles A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods. The year 1886 is regarded as ... were also temporarily increased through March 31, 1954. External links Full text of the Act United States federal taxation legislation 1951 in law 82nd United States Congress United States federal legislation articles without infoboxes {{US-fed-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1950
The United States Revenue Act of 1950 eliminated a portion of the individual income tax rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate from 38 percent to 45 percent. This act changed the law regarding tax exempt organizations. It introduced the concept of Unrelated Business Income Tax Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 U.S.C. 501 organization that is not related to the tax-exempt purpose of t ..., denied exemption to certain foundations and trusts, and denied deductions to donors of some organization which failed to meet certain standards. References External links Full text of the Act United States federal taxation legislation 1950 in law {{US-fed-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1948
The United States Revenue Act of 1948 reduced individual income tax rates 5-13 percent, increased the personal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, made the distinction between community property jurisdictions and non-community property jurisdictions less relevant in the administration of the income, estate, and gift taxes, and provided additional exemption for taxpayers age 65 and older. The Revenue Act of 1948 was vetoed by President Harry S. Truman Harry S. Truman (May 8, 1884December 26, 1972) was the 33rd president of the United States, serving from 1945 to 1953. A leader of the Democratic Party, he previously served as the 34th vice president from January to April 1945 under Franklin ..., but his veto was overridden on April 2, 1948, by a two-thirds vote of each House of the Republican-controlled Eightieth Congress of the United States. United States federal taxation legislation 1948 in law 1948 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1945
The United States Revenue Act of 1945, Public Law 214, 59 Stat. 556 (Nov. 8, 1945), repealed the excess profits tax, reduced individual income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ... rates (the top rate fell from 94 percent to 86.45 percent), and reduced corporate tax rates (the top rate dropped from 40 percent to 38 percent). References External links Full text of the Act United States federal taxation legislation 1945 in law {{US-fed-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1943
The United States Revenue Act of 1943 increased federal excise taxes on, among other things, alcohol, jewelry, telephones, and admissions, and raised the excess profits tax rate from 90% to 95%. The 5% Victory Tax The Victory Tax was a 5% income tax established in the United States by the Revenue Act of 1942 The United States Revenue Act of 1942, Pub. L. 753, Ch. 619, 56 Stat. 798 (Oct. 21, 1942), increased individual income tax rates, increased corporate tax ... was lowered to 3%, and the postwar credit repealed. References United States federal taxation legislation 1943 in American law {{US-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1942
The United States Revenue Act of 1942, Pub. L. 753, Ch. 619, 56 Stat. 798 (Oct. 21, 1942), increased individual income tax rates, increased corporate tax rates (top rate rose from 31% to 40%), and reduced the personal exemption amount from $1,500 to $1,200 (married couples). The exemption amount for each dependent was reduced from $400 to $350. A 5% Victory tax on all individual incomes over $624 was created, with postwar credit. The 35-60% graduated rate schedule for excess profits tax was replaced with a flat 90% rate. The Act also created deductions for medical expenses. Expenses for the production of income Section 121 of the Revenue Act of 1942 enacted section 23(a)(2) of the Internal Revenue Code of 1939. That provision, effective retroactively for tax years that began after December 31, 1938, allowed a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities (activities for the production of income), even if such activities are not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1941
The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent) and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to 31 percent). Some excise taxes were temporarily increased (on alcohol, tires, etc.) and the personal exemption fell from $2,000 to $1,500 (for married couples). Tax on corporations Normal tax A Normal Tax was levied on the net income In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, a ... of corporations as shown in the following table. Surtax on Corporation A Surtax was levied on the corporation surtax net income (i.e., net income less allowances and exemptions) of corporations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |