Revenue Act of 1924
The United States Revenue Act of 1924 (43 Stat. 253) (June 2, 1924), also known as the Mellon tax bill (after U.S. Secretary of the Treasury Andrew Mellon) cut federal tax rates for 1924 income.[1] The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the "earned income credit").
The Act also:
- Established the U.S. Board of Tax Appeals, which was later renamed the United States Tax Court in 1942.
- Gave the chair of the House Ways and Means Committee the power to obtain the records for any taxpayer, in response to the Teapot Dome scandal.[2]
- Declared that there were no longer any "Indians, not taxed" to be not counted for purposes of United States congressional apportionment. A parallel act, the Indian Citizenship Act of 1924 (43 Stat. 253, Ch. 233 (1924)), granted all non-citizen resident Indians citizenship.
President Calvin Coolidge signed the bill into law.
From 2019 to 2022, the law was the subject of a court battle that resulted in the Ways and Means Committee obtaining the tax returns of Donald Trump.
Tax levels
Both a normal tax and a surtax were levied against the net income of individuals, as shown in the following table:
Revenue Act of 1924 Normal Tax and Surtax on Individuals 43 Stat. 253 [3] | |||
Net Income (dollars) | Normal Rate (percent) | Surtax Rate (percent) | Combined Rate (percent) |
0 | 2 | 0 | 2 |
4,000 | 4 | 0 | 4 |
8,000 | 6 | 0 | 6 |
10,000 | 6 | 1 | 7 |
14,000 | 6 | 2 | 8 |
16,000 | 6 | 3 | 9 |
18,000 | 6 | 4 | 10 |
20,000 | 6 | 5 | 11 |
22,000 | 6 | 6 | 12 |
24,000 | 6 | 7 | 13 |
26,000 | 6 | 8 | 14 |
28,000 | 6 | 9 | 15 |
30,000 | 6 | 10 | 16 |
34,000 | 6 | 11 | 17 |
36,000 | 6 | 12 | 18 |
38,000 | 6 | 13 | 19 |
42,000 | 6 | 14 | 20 |
44,000 | 6 | 15 | 21 |
46,000 | 6 | 16 | 22 |
48,000 | 6 | 17 | 23 |
50,000 | 6 | 18 | 24 |
52,000 | 6 | 19 | 25 |
56,000 | 6 | 20 | 26 |
58,000 | 6 | 21 | 27 |
62,000 | 6 | 22 | 28 |
64,000 | 6 | 23 | 29 |
66,000 | 6 | 24 | 30 |
68,000 | 6 | 25 | 31 |
70,000 | 6 | 26 | 32 |
74,000 | 6 | 27 | 33 |
76,000 | 6 | 28 | 34 |
80,000 | 6 | 29 | 35 |
82,000 | 6 | 30 | 36 |
84,000 | 6 | 31 | 37 |
88,000 | 6 | 32 | 38 |
90,000 | 6 | 33 | 39 |
92,000 | 6 | 34 | 40 |
94,000 | 6 | 35 | 41 |
96,000 | 6 | 36 | 42 |
100,000 | 6 | 37 | 43 |
200,000 | 6 | 38 | 44 |
300,000 | 6 | 39 | 45 |
500,000 | 6 | 40 | 46 |
- Exemption of $1,000 for single filers and $2,500 for married couples and heads of family. A $400 exemption for each dependent under 18.
See also
- Revenue Act of 1926
References
- v
- t
- e
Calvin Coolidge
- 30th President of the United States (1923–1929)
- 29th Vice President of the United States (1921–1923)
- 48th Governor of Massachusetts (1919–1921)
- Early life and family history
- Boyhood home and first inauguration site
- Calvin Coolidge House
- Early career and marriage
- Lieutenant Governor and Governor of Massachusetts
- Boston police strike (1919)
- Vice Presidency
- Retirement and death
- Presidential Library and Museum
(timeline)
- First inauguration
- Second inauguration
- Industry and trade
- Taxation (Revenue Act of 1924, Revenue Act of 1926, Revenue Act of 1928)
- Allegheny National Forest
- Civil rights (Indian Citizenship Act of 1924)
- Immigration Act of 1924
- Clarke–McNary Act
- Oil Pollution Act of 1924
- World War Adjusted Compensation Act (1924)
- Opposition to farm subsidies (McNary–Haugen Farm Relief Bill)
- Judiciary Act of 1925
- Federal Corrupt Practices Act Amendments of 1925
- Railway Labor Act
- Passport Act of 1926
- Flood control (Great Mississippi Flood of 1927, Flood Control Act of 1928)
- State of the Union Addresses (1926
- 1927)
- "I do not choose to run" (1927)
- Radio Act of 1927
- McFadden Act (1927)
- Brave Little State of Vermont speech (1928)
- McSweeney-McNary Act of 1928
- Migratory Bird Conservation Act
- Reed–Jenkins Act
- Foreign policy (Banana Wars, United States occupation of Nicaragua (1912–1933), United States occupation of Haiti (1915–1934), United States occupation of the Dominican Republic (1916–1924), Washington Naval Treaty (1922), Kellogg–Briand Pact (1928)
- Presidential transition of Herbert Hoover
- Cabinet
- Judicial appointments
- Things named after Coolidge
- Sesquicentennial half dollar
- U.S. postage stamps
- Coolidge effect
- SS President Coolidge
- Backstairs at the White House (1979 miniseries)
- Grace Coolidge (wife)
- John Coolidge (son)
- John Calvin Coolidge Sr. (father)
- Calvin Galusha Coolidge (grandfather)
- Arthur Brown, Olympia Brown, Charles A. Coolidge (cousins)
- Marcus A. Coolidge, Arthur W. Coolidge, Martha Coolidge, Carlos Coolidge (distant relations)
- Edmund Rice (ancestor)
- Rob Roy (family dog)
- Rebecca (pet raccoon)