Revenue Act of 1935
The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent of the highest incomes.[1]
It was signed into law by President Franklin D. Roosevelt.
The 1935 Act also was popularly known at the time as the "Soak the Rich" tax.[2] To solve the problem of tax evasion through loopholes, the Revenue Act of 1937 revised tax laws and regulations to increase the efficacy of the tax.[1]
References
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Text of Revenue Act of 1937
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