Revenue Act of 1921
E569379
The Revenue Act of 1921 was a U.S. federal tax law that significantly reduced wartime tax rates and marked the beginning of Treasury Secretary Andrew Mellon's pro-business tax reduction policies in the 1920s.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
tax law ⓘ |
| aimsTo |
reduce wartime tax burdens
ⓘ
stimulate economic growth through lower tax rates ⓘ |
| amends | Internal Revenue Code provisions then in force ⓘ |
| appliesTo | taxpayers in the United States ⓘ |
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| associatedWith | Andrew Mellon NERFINISHED ⓘ |
| containsProvision |
changes in estate and gift taxation
ⓘ
revisions to deductions and exemptions ⓘ rules for consolidated corporate returns ⓘ tax exemption for interest on certain state and local bonds ⓘ treatment of foreign income ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dateSigned | 1921-11-23 ⓘ |
| effectiveDate | 1921-01-01 ⓘ |
| eliminates | excess profits tax on corporations ⓘ |
| establishes | separate capital gains tax rate ⓘ |
| field |
public finance
ⓘ
tax policy ⓘ |
| followedBy | Revenue Act of 1924 NERFINISHED ⓘ |
| historicalContext |
end of wartime taxation in the United States
ⓘ
post-World War I demobilization ⓘ |
| historicalPeriod | Roaring Twenties NERFINISHED ⓘ |
| inceptionOfPolicyProgram | Mellon tax reduction program NERFINISHED ⓘ |
| introducedIn | 67th United States Congress NERFINISHED ⓘ |
| languageOfWork | English ⓘ |
| legislativeBody | United States Congress ⓘ |
| legislativeStatus | enacted ⓘ |
| longTitle | An Act To reduce and equalize taxation, to provide revenue, and for other purposes ⓘ |
| mainSubject |
capital gains tax
ⓘ
corporate income tax ⓘ estate tax ⓘ federal income tax ⓘ gift tax ⓘ |
| maximumCapitalGainsRate | 12.5 percent ⓘ |
| modifies | capital gains tax treatment ⓘ |
| officeholderSigning | President of the United States NERFINISHED ⓘ |
| policyDirection |
pro-business fiscal policy
ⓘ
tax reduction ⓘ |
| reduces |
corporate income tax rates
ⓘ
individual income tax rates ⓘ surtax rates on high incomes ⓘ |
| repeals |
excess profits tax
ⓘ
war-time excess profits tax provisions of the Revenue Act of 1918 ⓘ |
| replaces | Revenue Act of 1918 NERFINISHED ⓘ |
| shortTitle | Revenue Act of 1921 NERFINISHED ⓘ |
| signedBy | Warren G. Harding NERFINISHED ⓘ |
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.