Revenue Act of 1935 raises the top tax rate
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
FDR raised this top bracket rate to 75 percent in the Revenue Act of 1935. The more progressive tax initiative was dubbed the “wealth tax” or “class tax,” and passed in August after bitter congressional battles. (The Revenue Act of 1942 would raise this tax rate on income above $200,000 to 82 percent and increase the top rate of corporate taxes from 31 percent to 40 percent to help fund the war.
chapter: Chapter 7: The Mid- to Late 1930s: Policing Wall Street, World War II