The Revenue Act of 1934 (May 10, 1934, ch. 277, ) raised

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individual income tax rates marginally on higher incomes. The top individual income tax rate remained at 63 percent. It was signed into law by

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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