Revenue Act of 1926

The United States Revenue Act of 1926, 44 Stat.

9, reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns.

Passed by the 69th Congress, it was signed into law by President Calvin Coolidge.

[1] A rate of 13.5 percent was levied on the net income of corporations.

A normal tax and a surtax were levied against the net income of individuals as shown in the following table.

President Calvin Coolidge signed the income tax bill on February 26, 1926. Andrew Mellon is the third figure from the right, and Director of the Budget, General Herbert Mayhew Lord , is to Mellon's left.