Revenue Act of 1918
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The Revenue Act of 1918, 40 Stat. 1057, raised income tax rates once again. The bottom tax bracket was expanded but raised from 2 % to 6 %.
The top rate was hiked to 77 %, and applied to income above $1,000,000. The top rate of the War Revenue Act of 1917 had taxed all income above $2,000,000 at a 67 % rate.
Even in 1918, only 5 % of the population paid federal income taxes (up from 1 % in 1913), and yet the income tax funded one-third of the cost of World War I.
[edit] Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1918 dollars | 2005 dollars |
|---|---|
| $1,000,000 | $12,933,775 |
| $2,000,000 | $25,867,550 |
| Tax Acts of the United States |
|---|
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