The Revenue Act of 1932 (June 6, 1932, ch. 209, ) raised
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
Taxable Items included dye, chewing gum, furs, soft drinks, and sporting goods; firearms, shells, and cartridges; coal, coke, and copper ore; telegraph, telephone, cable, and radio dispatches; and checks, jewelry, matches, refrigerators, stamps, and toiletries, and this act enacted one of the first taxes on gasoline.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by
President
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Herbert Hoover
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.
Tax on Corporations
A rate of 13.75 percent, increased from the prior 12.0 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.
Gift Tax
The Act also imposed a gift tax, effective with respect to gifts made on or after June 7, 1932.
[§§ 501-532]
References
External links
Ghosts of 1932: The Lost History of Estate and Gift Taxation, Jeffrey A. Cooper, 9 Florida Tax Review 875-917, available for download at https://ssrn.com/abstract=1438181
1932 in American law
United States federal taxation legislation
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