[T]o call me one [an Englishman] without those rights is like calling an ox a bull. He’s thankful for the honor, but he’d much rather have restored what’s rightfully his.
—- Benjamin Franklin, “1776”
Republican (fascist/socialist) President Coolidge signs the Revenue Act of 1926:
- Decreasing the number of personal “income” tax brackets from 43 to 23;
- Decreasing the lowest personal rate on the first 4,000 Dollars earned from 2.0% to 1.5%;
- Decreasing the highest personal rate on amounts earned over 500,000 Dollars from 46% to 25% on amounts earned over 100,000 Dollars;
- Decreasing inheritance taxes;
- Increasing the tax on corporate profits from 13% to 13.5%; and
- Eliminating gift taxes.
At act also gives the Bureau of Internal Revenue statutory authority to conduct distraint operations (asset seizure) for the collection of unpaid income taxes.
[updated 4/18/2025]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Internal Revenue Act of 1926, 44 Public Statutes at Large 9, 61 (1926).
Revenue Act of 1926 – Wikipedia
en.wikipedia.org/wiki/Revenue_Act_of_1926
Corporate Income Tax: Definition, History, Rate
www.thebalance.com/corporate-income-tax-definition-history-effective-rate-3306024
Current U.s. National Debt:
