169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent.
Taxable Items included dye, chewing gum, furs, soft drinks, and sporting goods; firearms, shells, and cartridges; coal, coke, and copper ore; telegraph, telephone, cable, and radio dispatches; and checks, jewelry, matches, refrigerators, stamps, and toiletries, and this act enacted one of the first taxes on gasoline.
It was signed into law by President Herbert Hoover.
A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.
[2] Ghosts of 1932: The Lost History of Estate and Gift Taxation, Jeffrey A. Cooper, 9 Florida Tax Review 875-917, available for download at https://ssrn.com/abstract=1438181 This United States federal legislation article is a stub.