The

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 Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

Revenue Act of 1926, , reduced

inheritance Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Of ...

and personal

income Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. Fo ...

tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...

es, cancelled many

excise file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when ...

imposts, eliminated the gift tax and ended public access to federal income tax returns. Passed by the

69th Congress The 69th United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from March 4, 1925, ...

, it was signed into law by

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...

Calvin Coolidge Calvin Coolidge (born John Calvin Coolidge Jr.; ; July 4, 1872January 5, 1933) was the 30th president of the United States from 1923 to 1929. Born in Vermont, Coolidge was a Republican lawyer from New England who climbed up the ladder of Ma ...

. The act was applicable to incomes for 1925 and thereafter.Surtax rates under the Revenue Acts 1913 to 1926
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Tax on Corporations

A rate of 13.5 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 $1,500 for single filers and $3,500 for married couples and heads of family. A $400 exemption for each dependent under 18.

References

{{US_tax_acts United States federal taxation legislation 1926 in American law Presidency of Calvin Coolidge