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.
Aliases (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 |
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 |
Second New Deal
→
|
| presidentAtTimeOfSigning |
Franklin D. Roosevelt
→
|
| regulates |
corporate profits taxation
→
estate and inheritance taxation → federal income taxation → |
| signedBy |
Franklin D. Roosevelt
→
|
| supportedBy |
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)
| Subject (surface form when different) | Predicate |
|---|---|
|
Revenue Act of 1935
("Wealth Tax Act")
→
|
alsoKnownAs |
|
74th United States Congress
→
|
passed |
|
Revenue Act of 1934
→
|
precedes |