digplanet beta 1: Athena
Share digplanet:

Agriculture

Applied sciences

Arts

Belief

Business

Chronology

Culture

Education

Environment

Geography

Health

History

Humanities

Language

Law

Life

Mathematics

Nature

People

Politics

Science

Society

Technology

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.
33 videos foundNext > 

Federal transfer tax system gift tax basics

Owen Jensen reports: First instituted by the Revenue Act of 1924, gift taxes are incurred when there is a voluntary transfer (i.e., gift) of cash or other pr...

reVenUe Kru - Drank Wit Me (On Tour)

reVenUe Kru on tour filming there music video for there hit single "Drank Wit Me" ft. RH HD VERSION IS ON SALE Dir: Double D'z Vision Music Produced: ClockWo...

NAPIER & YVONNE, Australian vaudeville act, (USA, 1920)

"Act as known ..." This was the way specialty acts were contracted to perform on the great world Vaudeville/Variety circuits i the years from 1900 to 1960 be...

Banking & Financial Issues: Stock Market and Mutual Funds (2003)

The first mutual funds were established in Europe. One researcher credits a Dutch merchant with creating the first mutual fund in 1774. The first mutual fund...

KKK Democrats Lynching Killing Black & White 'Radical Republicans'

The Klu Klux Klan was founded as a Democrat proxy group. Many black Americans served in the U.S. Goverment in the 1800's and beyond as part of the "Radical R...

Burton Goldfield (TriNet) at Startup Grind 2014

Since 2008, Burton M. Goldfield has served as president and CEO of TriNet, a strategic partner to small businesses for payroll, HR, benefits, employment law ...

Robert Kubica - Crash SS9 - part 2 - after the accident - Rallye Monte Carlo 2014

Copyright owner Motorpruebas No copyright infringement is not intended. Do not give this any revenue. For fans of Robert Kubica. Rally Mexico, rally mexico 2...

International Business Machines (IBM) Earnings Preview

http://www.StockMarketFunding.com International Business Machines (IBM) Earnings Preview. Analyst concensus is for earnings of 3.03 for the quarter vs 2.61 l...

Raghu Raghavan's Opening Address at #IHeartMktg

Act-On's CEO Raghu Raghavan reflects on the company's progress thus and looks forward to its growth in the future in his opening address at our first annual ...

TrackToAct Webinar - Infusionsoft Part 1

TrackToAct maybe used to personalize webpages to get people to take action that drives revenue. This video is an unedited recording of a webinar conducted sp...

33 videos foundNext > 

1 news items

 
Midland Daily News
Fri, 11 Jul 2014 08:45:00 -0700

Pafford's comments on the Calvin Coolidge years almost sanctify him! It is true that he was able to sign the Revenue Act of 1924. This reduced taxes and kept spending down with a reduction in the federal debt. Unfortunately, he also adhered to a ...
Loading

Oops, we seem to be having trouble contacting Twitter

Talk About Revenue Act of 1924

You can talk about Revenue Act of 1924 with people all over the world in our discussions.

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!