[1] It was a progressive tax that took up to 75 percent of the highest incomes (over $1 million per year).
It was signed into law by President Franklin D. Roosevelt over strong opposition from business, the rich, and conservatives from both parties.
[2] Congress estimated that annual revenue would be increased by approximately $250 million when the new law took effect.
[4] Predicted annual revenue increase (in millions) Liberal historian Paul Conkin concluded that the 1935 tax law in which the graduated rates were first imposed on corporations, “neither soaked the rich, penalized bigness, nor significantly helped balance the budget.”[5] Nevertheless, angry critics complained that it was like the camel's nose under the tent, creating a precedent that would soon grow rapidly in magnitude.
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