Revenue Act of 1935
E6247
The Revenue Act of 1935 was a New Deal-era U.S. federal law that significantly increased taxes on high incomes, large inheritances, and corporate profits in an effort to redistribute wealth during the Great Depression.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Revenue Act of 1935 canonical | 2 |
| Wealth Tax Act | 1 |
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
New Deal legislation
ⓘ
United States federal statute ⓘ tax law ⓘ |
| aimedAt |
increasing federal revenue
ⓘ
redistributing wealth ⓘ reducing income inequality ⓘ |
| alsoKnownAs |
Revenue Act of 1935
ⓘ
surface form:
Wealth Tax Act
|
| appliesToJurisdiction | federal government of the United States ⓘ |
| belongsToCategory |
1935 in American law
ⓘ
New Deal statutes ⓘ United States federal taxation legislation ⓘ |
| country | United States of America ⓘ |
| enactedDuring | Great Depression ⓘ |
| follows | Revenue Act of 1934 ⓘ |
| hasEffect |
expanded federal revenue base
ⓘ
increased tax burden on the wealthy ⓘ |
| historicalPeriod | 1930s ⓘ |
| introduced |
higher marginal income tax rates on top incomes
ⓘ
higher taxes on large inheritances ⓘ increased corporate tax rates ⓘ increased estate taxes ⓘ |
| justifiedBy |
concerns about wealth concentration
ⓘ
need to fund New Deal programs ⓘ |
| legalForm | public law ⓘ |
| legislativeBody | United States Congress ⓘ |
| mainSubject |
federal taxation
ⓘ
income tax ⓘ wealth redistribution ⓘ |
| motivatedBy | New Deal economic policy goals ⓘ |
| opposedBy |
conservative politicians
ⓘ
many business interests ⓘ |
| partOf | New Deal ⓘ |
| policyType | progressive taxation ⓘ |
| politicalContext |
New Deal
ⓘ
surface form:
Second New Deal
|
| presidentAtTimeOfSigning |
President Franklin D. Roosevelt
ⓘ
surface form:
Franklin D. Roosevelt
|
| regulates |
corporate profits taxation
ⓘ
estate and inheritance taxation ⓘ federal income taxation ⓘ |
| signedBy |
President Franklin D. Roosevelt
ⓘ
surface form:
Franklin D. Roosevelt
|
| supportedBy |
Roosevelt administration
ⓘ
surface form:
Franklin D. Roosevelt administration
|
| targetedGroup |
corporations
ⓘ
high-income individuals ⓘ large estates ⓘ |
| topic |
fiscal policy during the Great Depression
ⓘ
tax policy in the United States ⓘ |
Referenced by (3)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Wealth Tax Act