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To garner political support for such massive tax cuts for the wealthy, the Act also provided small tax cuts across the board. [1] Passed by the 69th Congress, it was signed into law by President Calvin Coolidge. The act was applicable to incomes for 1925 and thereafter. [2]
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 ").
In addition to federal tax cuts, Coolidge proposed reductions in federal expenditures and retiring of the federal debt. [125] Coolidge's ideas were shared by the Republicans in Congress, and in 1924, Congress passed the Revenue Act of 1924, which reduced income tax rates and eliminated all income taxation for some two million people. [125]
The 2017 Tax Cuts and Jobs Act (TCJA), signed by then-President Trump, was the most recent major overhaul to the IRS tax code. ... The cuts continued under Harding’s successor, Calvin Coolidge ...
Coolidge saw his victory as a mandate to pursue his favored economic policies, including further tax cuts. [64] When Congress reconvened after the 1924 elections, it immediately began working on another bill designed to lower tax rates on the highest earners. [71]
A new bill in the Kentucky legislature is proposing a cut to the state’s individual income tax rate from 4% to 3.5%, representing a 12.5% decrease. If signed into law, the tax cut would take ...
The Tax Cuts and Jobs Act (TCJA) of 2017, which was signed into law during President Donald Trump’s first term, lowered tax rates overall. While the current legislation is slated to expire at ...
The act reduced the top marginal tax rate from 58 percent to 46 percent, but increased the estate tax and bolstered it with a new gift tax. [48] After his re-election in 1924, Coolidge sought further tax reductions, [ 49 ] and Congress cut taxes with the Revenue Acts of 1926 and 1928 .