Revenue Act of 1916
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The United States Revenue Act of 1916, cited as "Act of Sept. 8, 1916, Ch. 463, 39 Stat. 756," raised the lowest income tax rate from 1 % to 2 % and raised the top rate to 15 % on taxpayers with incomes above $2 million. (Previously, the top rate had been 7 % on income above $500,000.)
The entry of the United States into World War I greatly increased the need for revenue.
An excess profits tax was introduced and the modern estate tax was imposed.
[edit] Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1916 dollars | 2005 dollars |
|---|---|
| $500,000 | $8,958,716 |
| $2,000,000 | $35,834,862 |
| Tax Acts of the United States |
|---|
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