Revenue Act of 1916
id:
revenue-act-of-1916-294-14755818
title:
Revenue Act of 1916
text:
The United States Revenue Act of 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. Previously, the top rate had been 7% on income above $500,000. The Act also instituted the federal estate tax. 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 was imposed. The act was applicable to incomes for 1916.
brand slug:
wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Revenue_Act_of_1916
date created:
date modified:
2024-02-13T12:06:22Z
main entity:
{"identifier":"Q7317967","url":"https://www.wikidata.org/entity/Q7317967"}
image:
fields total:
13
integrity:
13