Revenue Act of 1935

Revenue Act of 1935

The Revenue Act of 1935, USStat|49|1014 (Aug. 30, 1935), raised United States taxes on higher income levels, corporations, and gifts and estates.

It was signed into law by President Franklin D. Roosevelt as part of the Second New Deal.

The 1935 Act was popularly known at the time as the "Soak the Rich" tax. [Henretta et al.] It raised tax rates on incomes above $50,000. The Act did little to increase federal tax revenue, and it did not significantly redistribute income. Nonetheless, the bill was very popular and many believed it was a radical departure from tradition.Fact|date=March 2007 Business leaders and the wealthy were upset about this and other of Roosevelt's policies and called him a traitor against his own class.Fact|date=March 2007

References

Notes

(1) cite book
last = Henretta
first =James
authorlink =
coauthors =David Brody, Lynn Dumenil, Susan Ware
title = America's History - Volume 2: Since 1865
publisher =Bedford/St. Martin's
date =2004
location =Boston
pages = 729
url =
doi =
id = ISBN 0-312-40958-3

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