Revenue Act of 1926
E573681
The Revenue Act of 1926 was a major U.S. federal tax law that significantly reduced income tax rates and estate taxes as part of Treasury Secretary Andrew Mellon's broader program of pro-business tax cuts in the 1920s.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Congress
ⓘ
United States federal tax law ⓘ |
| aimedAt |
promoting economic growth
ⓘ
reducing estate taxes ⓘ reducing federal income tax rates ⓘ stimulating business investment ⓘ |
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| areaOfLaw |
fiscal policy
ⓘ
tax law ⓘ |
| associatedWith |
Andrew Mellon
NERFINISHED
ⓘ
Calvin Coolidge administration NERFINISHED ⓘ |
| benefited |
corporations
ⓘ
wealthy taxpayers ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dateSigned | 1926-02-26 ⓘ |
| effectiveDate | 1926-01-01 ⓘ |
| followedBy | Revenue Act of 1928 NERFINISHED ⓘ |
| follows | Revenue Act of 1924 NERFINISHED ⓘ |
| historicalSignificance |
key component of Mellon-era tax reforms
ⓘ
major reduction in federal tax burdens during the 1920s ⓘ |
| implementedBy |
Bureau of Internal Revenue
NERFINISHED
ⓘ
United States Department of the Treasury NERFINISHED ⓘ |
| inspiredByPolicy | Mellon tax plan NERFINISHED ⓘ |
| introducedIn | United States House of Representatives NERFINISHED ⓘ |
| language | English ⓘ |
| legalForm | statute ⓘ |
| legislativeBody | United States Congress ⓘ |
| partOf |
1920s United States tax policy
ⓘ
Mellon tax cuts NERFINISHED ⓘ |
| policyOrientation |
pro-business
ⓘ
supply-side tax policy ⓘ |
| presidentAtEnactment | Calvin Coolidge NERFINISHED ⓘ |
| provided |
across-the-board income tax rate cuts
ⓘ
increased personal exemptions for taxpayers ⓘ reduced estate tax rates ⓘ reduced surtax rates ⓘ tax relief for high-income individuals ⓘ |
| reducedTax |
estate tax
ⓘ
gift tax rates ⓘ individual income tax ⓘ |
| reducedTopMarginalRateFrom | 40% ⓘ |
| reducedTopMarginalRateTo | 25% ⓘ |
| shortDescription | U.S. federal tax law that significantly reduced income and estate tax rates in 1926 ⓘ |
| signedBy | Calvin Coolidge NERFINISHED ⓘ |
| sponsor | Andrew W. Mellon NERFINISHED ⓘ |
| subjectOf | tax policy debates in the 1920s ⓘ |
| timePeriod |
1920s
ⓘ
Roaring Twenties NERFINISHED ⓘ |
| topMarginalIncomeTaxRateAfterAct | 25% ⓘ |
| topMarginalIncomeTaxRateBeforeAct | 40% ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.