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Revenue Act of 1924
Facts for kids
The following fact
sheet contains interesting facts and information on Revenue Act of 1924
for kids.
Facts
about the Revenue Act of 1924 for kids
Revenue Act of 1924 Fact 1:
The bill introduced a gift tax to
address the issue of wealthy individuals avoiding
inheritance tax, estate tax invoked at death, by
transferring wealth during their lifetimes. Due to
strong opposition this was revoked in the 1926 Revenue
Act.
Revenue Act of 1924 Fact
2: The law allowed for publicity of
individual income tax information. This allowed major
newspapers to publish lists of names, addresses and tax
payments in publications.
Revenue Act of 1924 Fact 3:
The Board of Tax Appeals was created by the
Revenue Act of 1924. The Tax Court specialized in adjudicating
disputes over federal income tax.
Revenue Act of 1924 Fact 4:
U.S. Board of Tax Appeals was initially
established as an "independent agency in the executive branch of the
government. The U.S. Board of Tax Appeals originally had 16 members,
with Charles D. Hamel serving as the first Chairman.
Revenue Act of 1924 Fact 5:
The law reduced the 73%
federal income tax to 40% and reduced the 4% federal
income tax paid by the majority of tax payers.
Revenue Act of 1924 Fact 6:
By 1928 the majority of tax
payers were paying ½% federal income tax and wealthy
Americans were paying 25%.
Revenue Act of 1924
Fact 7: The 1920s were a golden age for tax
cuts initiated as part of the
Mellon Plan. The tax laws
put more money into the hands of the consumers by
lowering the federal income tax.
Revenue Act of 1924
Fact 8: However, the tax cuts contributed to
the rampant spending trend of consumers, which in turn
led to over production of goods, which in turn led to
the
1929 Wall Street Crash.
Revenue Act of 1924
Fact 9: For additional interesting facts and
information refer to the
Economic Boom of the 1920's and
Consumerism in the 1920's.
Facts
about the Revenue Act of 1924 for kids
Revenue Act of 1924 for kids - President Calvin Coolidge Video
The article on the Revenue Act of 1924 provides detailed facts and a summary of one of the important events during his presidential term in office. The following
Calvin Coolidge video will
give you additional important facts and dates about the political events experienced by the 30th American President whose presidency spanned from August 2, 1923 to March 4, 1929.
Revenue Act of 1924
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Interesting Facts about Revenue Act of 1924 for kids and schools
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Summary of the Revenue Act of 1924 in US history
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Revenue Act of 1924 of important, key
events
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Calvin Coolidge Presidency from August 2, 1923 to March 4, 1929
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Fast, fun facts about the Revenue Act of 1924
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Foreign & Domestic
policies of President Calvin Coolidge
● Calvin Coolidge Presidency and
Revenue Act of 1924 for schools,
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