Revenue Act of 1918
E129823
The Revenue Act of 1918 was a major U.S. federal tax law that sharply increased income and excess profits taxes to help finance American involvement in World War I and reshape the nation’s fiscal policy.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Revenue Act of 1918 canonical | 2 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax law ⓘ |
| administeredBy |
Internal Revenue Service
ⓘ
surface form:
Bureau of Internal Revenue
|
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| chamber |
United States House of Representatives
ⓘ
United States Senate ⓘ |
| codifiedIn |
Internal Revenue Code
ⓘ
surface form:
United States internal revenue laws
|
| containsProvision |
amortization of war facilities
ⓘ
changes to estate and inheritance taxation ⓘ rules for consolidated corporate returns ⓘ surtaxes on high incomes ⓘ taxation of partnerships ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| effectiveYear | 1919 ⓘ |
| enactedDuringConflict | World War I ⓘ |
| enactmentYear | 1918 ⓘ |
| historicalSignificance |
helped establish income tax as central source of federal revenue
ⓘ
major expansion of federal tax system during World War I ⓘ marked shift toward more permanent mass-based federal taxation ⓘ |
| increased |
corporate income tax rates
ⓘ
excess profits tax rates ⓘ individual income tax rates ⓘ |
| introducedConcept |
broader tax base for federal income taxation
ⓘ
modern graduated individual income tax structure ⓘ |
| language | English ⓘ |
| legalArea | tax law ⓘ |
| legislativeBody | United States Congress ⓘ |
| policyType | progressive taxation ⓘ |
| predecessor |
Revenue Act of 1916
ⓘ
Revenue Act of 1917 ⓘ
surface form:
War Revenue Act of 1917
|
| presidentDuringEnactment | Woodrow Wilson ⓘ |
| primaryPurpose |
to increase excess profits tax revenues
ⓘ
to increase federal income tax revenues ⓘ to raise revenue to finance American participation in World War I ⓘ to reshape United States fiscal policy ⓘ |
| relatedTo | Sixteenth Amendment to the United States Constitution ⓘ |
| replacedBy | Revenue Act of 1921 ⓘ |
| signedBy | Woodrow Wilson ⓘ |
| subject |
corporate income tax
ⓘ
estate tax ⓘ excess profits tax ⓘ excise taxes ⓘ federal income tax ⓘ tax administration ⓘ war profits taxation ⓘ withholding at source ⓘ |
| timePeriod | Progressive Era ⓘ |
| topMarginalIndividualIncomeTaxRate | 77 percent ⓘ |
| topMarginalIndividualIncomeTaxRateAppliesTo | very high incomes ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.