Section 605 of the Act provides that "In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision, made by the Secretary or by the Commissioner with the approval of the Secretary, such subsequent regulation or Treasury decision may, with the approval of the Secretary, be applied without retroactive effect."
(as cited in Helvering v. R.J. Reynolds Tobacco Co., 306 U.S. 110 (1939)) A rate of 12 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: 45 Stat.
795 [2] In the Revenue Act of 1928, the Joint Committee's authority was extended to the review of all refunds or credits of any income, war-profits, excess-profits, or estate or gift tax in excess of $75,000.
Other than that, the Joint Committee's responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928.