Revenue Act of 1932
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The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by President Herbert Hoover.
[edit] Tax on Corporations
A rate of 13.75 percent was levied on the net income of corporations.
[edit] Tax on Individuals
A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.
| Revenue Act of 1932 Normal Tax and Surtax on Individuals |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 4 | 0 | 4 |
| 4,000 | 8 | 0 | 8 |
| 6,000 | 8 | 1 | 9 |
| 10,000 | 8 | 2 | 10 |
| 12,000 | 8 | 3 | 11 |
| 14,000 | 8 | 4 | 12 |
| 16,000 | 8 | 5 | 13 |
| 18,000 | 8 | 6 | 14 |
| 20,000 | 8 | 8 | 16 |
| 22,000 | 8 | 9 | 17 |
| 24,000 | 8 | 10 | 18 |
| 26,000 | 8 | 11 | 19 |
| 28,000 | 8 | 12 | 20 |
| 30,000 | 8 | 13 | 21 |
| 32,000 | 8 | 15 | 23 |
| 36,000 | 8 | 16 | 24 |
| 38,000 | 8 | 17 | 25 |
| 40,000 | 8 | 18 | 26 |
| 42,000 | 8 | 19 | 27 |
| 44,000 | 8 | 20 | 28 |
| 46,000 | 8 | 21 | 29 |
| 48,000 | 8 | 22 | 30 |
| 50,000 | 8 | 23 | 31 |
| 52,000 | 8 | 24 | 32 |
| 54,000 | 8 | 25 | 33 |
| 56,000 | 8 | 26 | 34 |
| 58,000 | 8 | 27 | 35 |
| 60,000 | 8 | 28 | 36 |
| 62,000 | 8 | 29 | 37 |
| 64,000 | 8 | 30 | 38 |
| 66,000 | 8 | 31 | 39 |
| 68,000 | 8 | 32 | 40 |
| 70,000 | 8 | 33 | 41 |
| 72,000 | 8 | 34 | 42 |
| 74,000 | 8 | 35 | 43 |
| 76,000 | 8 | 36 | 44 |
| 78,000 | 8 | 37 | 45 |
| 80,000 | 8 | 38 | 46 |
| 82,000 | 8 | 39 | 47 |
| 84,000 | 8 | 40 | 48 |
| 86,000 | 8 | 41 | 49 |
| 88,000 | 8 | 42 | 50 |
| 90,000 | 8 | 43 | 51 |
| 92,000 | 8 | 44 | 52 |
| 94,000 | 8 | 45 | 53 |
| 96,000 | 8 | 46 | 54 |
| 98,000 | 8 | 47 | 55 |
| 100,000 | 8 | 48 | 56 |
| 150,000 | 8 | 49 | 57 |
| 200,000 | 8 | 50 | 58 |
| 300,000 | 8 | 51 | 59 |
| 400,000 | 8 | 52 | 60 |
| 500,000 | 8 | 53 | 61 |
| 750,000 | 8 | 54 | 62 |
| 1,000,000 | 8 | 55 | 63 |
[edit] References
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