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The United States Revenue Act of 1926, 44 Stat. 9, reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns.
Contents
Passed by the 69th Congress, it was signed into law by President Calvin Coolidge.
The act was applicable to incomes for 1925 and thereafter.
Tax on Corporations
A rate of 13.5 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.
References
Revenue Act of 1926 Wikipedia(Text) CC BY-SA