Revenue Act of 1913
E126018
The Revenue Act of 1913 was a landmark U.S. law that reintroduced a federal income tax and significantly lowered tariffs, reshaping the nation’s fiscal policy in the early 20th century.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Revenue Act of 1913 canonical | 5 |
| The Supreme Court upheld the constitutionality of the federal income tax imposed by the Revenue Act of 1913. | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax law ⓘ |
| affectedSector |
U.S. manufacturing industry
ⓘ
agricultural imports ⓘ imported manufactured goods ⓘ |
| alsoKnownAs |
Underwood Tariff Act
ⓘ
surface form:
Underwood Tariff
Underwood Tariff Act ⓘ |
| appliedTo |
incomes of individuals above exemption thresholds
ⓘ
net income of corporations ⓘ |
| authorizedBy | Sixteenth Amendment to the United States Constitution ⓘ |
| averageTariffRateAfterAct | approximately 26 percent ⓘ |
| averageTariffRateBeforeAct | approximately 40 percent ⓘ |
| constitutionalBasis | Sixteenth Amendment to the United States Constitution ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| effectiveDate | 1913-10-03 ⓘ |
| enactedBy | 63rd United States Congress ⓘ |
| exempted | most low-income individuals from federal income tax ⓘ |
| followedBy | Revenue Act of 1916 ⓘ |
| historicalSignificance |
major component of the Progressive Era fiscal reforms
ⓘ
marked the beginning of the modern U.S. federal income tax system ⓘ |
| imposedNormalTaxRate | 1 percent ⓘ |
| introduced | graduated income tax rates ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
federal government of the United States
|
| language | English ⓘ |
| legislativeChamber |
United States House of Representatives
ⓘ
United States Senate ⓘ |
| location | Washington, D.C. ⓘ |
| normalTaxAppliesAbove |
$3,000 annual income for individuals
ⓘ
$4,000 annual income for married couples ⓘ |
| policyGoal |
increase progressivity of the federal tax system
ⓘ
lower cost of imported goods ⓘ reduce protectionist tariffs ⓘ shift federal revenue from tariffs to income taxes ⓘ |
| politicalContext | Woodrow Wilson administration ⓘ |
| politicalPartySupport | Democratic Party ⓘ |
| precededBy | Payne–Aldrich Tariff Act ⓘ |
| reduced | average tariff rates on imports ⓘ |
| reintroduced | federal income tax in the United States ⓘ |
| revenueSourceReplaced | customs duties ⓘ |
| signedBy | Woodrow Wilson ⓘ |
| signingDate | 1913-10-03 ⓘ |
| sponsor | Oscar Underwood ⓘ |
| subjectOf | tariff reform debates in early 20th-century United States ⓘ |
| taxBase |
corporate income
ⓘ
individual income ⓘ |
| timePeriod | Progressive Era ⓘ |
| topMarginalIncomeTaxRate | 7 percent ⓘ |
| topRateAppliesAbove | $500,000 annual income ⓘ |
Referenced by (6)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
The Supreme Court upheld the constitutionality of the federal income tax imposed by the Revenue Act of 1913.