Individual Income Tax Act of 1944 lifts top rate to 94%
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
The Individual Income Tax Act of 1944 went further, raising the top-bracket tax rate to 94 percent.) It wasn’t so much the income tax elements of the Revenue Act of 1935 that riled bankers; it was the higher undistributed profits tax rates from the second phase of the New Deal that served to convert friends of FDR to enemies.
chapter: Chapter 7: The Mid- to Late 1930s: Policing Wall Street, World War II