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Revenue Act Of 1918
The Revenue Act of 1918, 40 Stat. 1057, raised income tax rates War Revenue Act of 1917, over those established the previous year. The bottom tax bracket was expanded but raised from 2% to 6%. The act simplified the tax structure created by the War Revenue Act of 1917, 1917 act. Instead of applying a "like normal tax" and a "like additional tax" to the Revenue Act of 1916, 1916 act normal tax and additional tax it created a single tax structure with a Normal Tax and a Surtax. The top rate was increased to 77%, and applied to income above $1,000,000. The top rate of the War Revenue Act of 1917 had taxed all income above $2,000,000 at a 67% rate. The act was applicable to incomes for 1918. For 1919 and 1920 the top normal tax rate was reduced from 12 percent to 8%. This reduced the top marginal tax rate that combined normal tax and surtax from 77% to 73%. Even in 1918, only 5% of the population paid federal income taxes (up from 1% in 1913), and yet the income tax funded one-th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Revenue Act Of 1917
The United States War Revenue Act of 1917 greatly increased federal 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 while simultaneously lowering exemptions. The 2% bracket had previously applied to income below $20,000. That amount was lowered to $2,000. The top bracket (on income above $2 million) was raised from 15% to 67%. The act was applicable to incomes for 1917. War Income Tax for Individuals In addition to the Normal Tax and an Additional Tax levied against the net income of individuals in the Revenue Act of 1916 a "like normal" tax and a "like additional" tax were levied against the net income of individuals as shown in the following table. *Exemption of $3,000 for a single filer, $4,000 for a married couple, and $4,000 for a head of household. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Bracket
Tax brackets are the divisions at which tax rates change in a progressive tax system (or an explicitly regressive tax system, though that is rarer). Essentially, tax brackets are the cutoff values for taxable income—income past a certain point is taxed at a higher rate. Example Imagine that there are three tax brackets: 10%, 20%, and 30%. The 10% rate applies to income from $1 to $10,000; the 20% rate applies to income from $10,001 to $20,000; and the 30% rate applies to all income above $20,000. Under this system, someone earning $10,000 is taxed at 10%, paying a total of $1,000. Someone earning $5,000 pays $500, and so on. Meanwhile, someone who earns $25,000 faces a more complicated calculation. The rate on the first $10,000 is 10%, from $10,001 to $20,000 is 20%, and above that is 30%. Thus, they pay $1,000 for the first $10,000 of income (10%), $2,000 for the second $10,000 of income (20%), and $1,500 for the last $5,000 of income (30%), In total, they pay $4,500, or an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1916
The United States Revenue Act of 1916, (ch. 463, , 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 $2 million ($ in dollars). Previously, the top rate had been 7% on income above $500,000 ($ in dollars). The Act also instituted the federal estate tax.Revenue Act of 1916, section 201, Ch. 463, 39 Stat. 756, 777 (Sept. 8, 1916). The entry of the United States into World War I greatly increased the need for revenue. An excess profits tax was introduced and the modern estate tax An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an es ... was imposed. The act was applicable to incomes for 1916. Income Tax Table for Individuals A Normal Tax and an Additional Tax were levied against the net income of individuals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutes At Large
''Statutes at Large'' is the name given to published collections or series of legislative Acts in a number of jurisdictions. The expression "statutes at large" was first used in the edition of Barker published in 1587. England and Great Britain * ''The Statutes at Large'': ** Edition by Owen Ruffhead, from "Magna Charta" down to the Acts of 4 Geo. 3: 9 volumes, London."Printed for Mark Basket, Printer to the King's Most Excellent Majesty, and by the Assigns of Robert Basket; And by Henry Woodfall and William Strahan, Law Printers to the King's Most Excellent Majesty", 1763–1765. ** Continuation of Ruffhead's edition, down to the Acts of 25 Geo. 3: 5 volumes, London.(Vols. 10–13) "Printed for Charles Eyre and William Strahan, Printers to the King's Most Excellent Majesty; And by W. Strahan and M. Woodfall, Law Printers to the King's Most Excellent Majesty", 1771–1780.(Vol. 14) "Printed by Charles Eyre and the Executors of William Strahan, Printers to the Kin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
65th United States Congress
The 65th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from March 4, 1917, to March 4, 1919, during the fifth and sixth years of Woodrow Wilson's presidency. The apportionment of seats in this House of Representatives was based on the Thirteenth Census of the United States in 1910. The Senate maintained a Democratic majority. In the House, the Republicans had actually won a plurality, but as the Progressives and Socialist Representative Meyer London caucused with the Democrats, this gave them the operational majority of the nearly evenly divided chamber, thus giving the Democrats full control of Congress, and along with President Wilson maintaining an overall federal government trifecta. Major events * March 4, 1917: Jeannette Rankin of Montana became the first woman member of the United States House of Rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1918 In Law
This year is noted for the end of the World War I, First World War, on the eleventh hour of the eleventh day of the eleventh month, as well as for the Spanish flu pandemic that killed 50–100 million people worldwide. Events Below, the events of World War I have the "WWI" prefix. January * January – 1918 flu pandemic: The "Spanish flu" (influenza) is first observed in Haskell County, Kansas. * January 4 – The Finnish Declaration of Independence is recognized by Russian Soviet Federative Socialist Republic, Soviet Russia, Sweden, German Empire, Germany and France. * January 9 – Battle of Bear Valley: U.S. troops engage Yaqui people, Yaqui Native American warriors in a minor skirmish in Arizona, and one of the last battles of the American Indian Wars between the United States and Native Americans. * January 15 ** The keel of is laid in Britain, the first purpose-designed aircraft carrier to be laid down. ** The Red Army (The Workers and Peasants Red Army) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
