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President Calvin Coolidge signing the income tax bill. Andrew Mellon is the third figure from the right, and Director of the Budget, General Herbert Mayhew Lord, is to Mellon's left

The United States Revenue Act of 1924 (43 Stat. 253) (June 2, 1924), also known as the Mellon tax bill cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the United States Tax Court in 1942. The bill was named after U.S. Secretary of the Treasury Andrew Mellon.

The Revenue Act was applicable to incomes for 1924.[1]

The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the "earned income credit").

A parallel act, the Indian Citizenship Act of 1924 (43 Stat. 253, Ch. 233 (1924)), granted all non-citizen resident Indians citizenship.[2] Thus the Revenue Act declared that there were no longer any "Indians, not taxed" to be not counted for purposes of United States Congressional apportionment.

President Calvin Coolidge signed the bill into law.

Tax on Individuals[edit]

A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.

Revenue Act of 1924
Normal Tax and Surtax on Individuals

43 Stat. 253 [3]

Net Income
(dollars)
Normal Rate
(percent)
Surtax Rate
(percent)
Combined Rate
(percent)
0 2 0 2
4,000 4 0 4
8,000 6 0 6
10,000 6 1 7
14,000 6 2 8
16,000 6 3 9
18,000 6 4 10
20,000 6 5 11
22,000 6 6 12
24,000 6 7 13
26,000 6 8 14
28,000 6 9 15
30,000 6 10 16
34,000 6 11 17
36,000 6 12 18
38,000 6 13 19
42,000 6 14 20
44,000 6 15 21
46,000 6 16 22
48,000 6 17 23
50,000 6 18 24
52,000 6 19 25
56,000 6 20 26
58,000 6 21 27
62,000 6 22 28
64,000 6 23 29
66,000 6 24 30
68,000 6 25 31
70,000 6 26 32
74,000 6 27 33
76,000 6 28 34
80,000 6 29 35
82,000 6 30 36
84,000 6 31 37
88,000 6 32 38
90,000 6 33 39
92,000 6 34 40
94,000 6 35 41
96,000 6 36 42
100,000 6 37 43
200,000 6 38 44
300,000 6 39 45
500,000 6 40 46
  • 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[edit]

  1. ^ Surtax rates under the Revenue Acts 1913 to 1926
  2. ^ [1]
  3. ^ Facsimile from scribd

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Revenue_Act_of_1924 — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

7 news items

 
Journal of Accountancy
Fri, 18 Dec 2015 12:48:45 -0800

The Consolidated Appropriations Act, H.R. 2029, was passed by Congress on Thursday and Friday and now goes to President Barack Obama for his signature. As has been widely reported, the bill extends an extensive list of expired tax provisions—some ...

Bloomberg View

Bloomberg View
Tue, 03 Mar 2015 09:33:18 -0800

"Just before the Republican Convention began, Coolidge signed into law the Revenue Act of 1924, which reduced the top marginal tax rate from 58% to 46%, as well as personal income tax rates across the board, increased the estate tax and bolstered it ...
 
Mondaq News Alerts (registration)
Wed, 15 Apr 2015 08:29:49 -0700

In addition to the many real estate investment trust issues discussed in the previous sections, REIT spinoffs implicate the provisions of section 355. Just as important as SpinCo's REIT qualification is the tax-free qualification of the distribution of ...

Journal of Accountancy

Journal of Accountancy
Mon, 14 May 2012 22:15:00 -0700

The Revenue Act of 1924, which President Calvin Coolidge signed into law. 2. Four. It began as the American Association of Public Accountants (AAPA) in 1887. In 1916, the AAPA was succeeded by the Institute of Public Accountants, which changed its ...

Forbes

Forbes
Thu, 03 Dec 2009 16:03:02 -0800

In 1939, financial journalist Ferdinand Lundberg published an expose of inherited wealth using tax returns released by Congress under the Revenue Act of 1924. Of the 60 families he identified, only four qualify for our list. The 25 families on our list ...
 
Lexology (registration)
Tue, 16 Oct 2012 02:05:04 -0700

Chief Judge Michael B. Thornton, by press release of July 6, 2012, announced that the United States Tax Court has adopted amendments to its Rules of Practice and Procedure. This statement follows the release, on December 28, 2011, of proposed ...
 
PR Web (press release)
Thu, 21 Feb 2013 01:27:53 -0800

Commissioner - 308 U.S. 39 (1939)A gift in trust, with reservation of power in the donor to alter the disposition of the property in any way not beneficial to himself, is incomplete, and does not become subject to gift tax under the Revenue Act of 1924 ...
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