Revenue Act of 1928

The Revenue Act of 1928 (May 29, 1928, ch. 852, 45 Stat. 791), formerly codified in part at 26 U.S.C. sec. 22(a), is a statute introduced as H.R. 1^[1] and enacted by the 70th United States Congress in 1928 regarding tax policy.

Section 605 of the Act provides that "In case a regulation or Treasury decision relating to the internal revenue laws is amended by a subsequent regulation or Treasury decision, made by the Secretary or by the Commissioner with the approval of the Secretary, such subsequent regulation or Treasury decision may, with the approval of the Secretary, be applied without retroactive effect." (as cited in Helvering v. R.J. Reynolds Tobacco Co., 306 U.S. 110 (1939))

Tax on Corporations

A rate of 12 percent was levied on the net income of corporations.

Tax on Individuals

A normal tax and a surtax were levied against the net income of individuals as shown in the following table:

Revenue Act of 1928 Normal Tax and Surtax on Individuals 45 Stat. 795 ^[2]
Net Income (dollars)	Normal Rate (percent)	Surtax Rate (percent)	Combined Rate (percent)
0	1.5	0	1.5
4,000	3	0	3
8,000	5	0	5
10,000	5	1	6
14,000	5	2	7
16,000	5	3	8
18,000	5	4	9
20,000	5	5	10
22,000	5	6	11
24,000	5	7	12
28,000	5	8	13
32,000	5	9	14
36,000	5	10	15
40,000	5	11	16
44,000	5	12	17
48,000	5	13	18
52,000	5	14	19
56,000	5	15	20
60,000	5	16	21
64,000	5	17	22
70,000	5	18	23
80,000	5	19	24
100,000	5	20	25

Joint Committee on Taxation

In the Revenue Act of 1928, the Joint Committee's authority was extended to the review of all refunds or credits of any income, war-profits, excess-profits, or estate or gift tax in excess of $75,000. In addition, the Act required the Joint Committee to make an annual report to Congress with respect to such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credit or paid to each. Since 1928, the threshold for review of large tax refunds has been increased from $75,000 to $2 million in various steps and the taxes to which such review applies has been expanded. Other than that, the Joint Committee's responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928.

References

^ United States. Congress. Senate. Committee on Finance. (1928). Revenue act of 1928 : hearings before the Committee on Finance, United States Senate, seventieth Congress, first session on H.R. 1, an act to reduce and equalize taxation, provide revenue, and for other purposes. April 9-13, 1928. Washington: United States Government Printing Office.
^ Facsimile from Statutes at Large

v t e Calvin Coolidge
30th President of the United States (1923–1929) 29th Vice President of the United States (1921–1923) 48th Governor of Massachusetts (1919–1921)
Life	Early life and family history Boyhood home and first inauguration site gravesite Calvin Coolidge House Early career and marriage Lieutenant Governor and Governor of Massachusetts Boston police strike (1919) Vice Presidency Retirement and death Presidential Library and Museum
Presidency (timeline)	First inauguration Second inauguration Industry and trade Taxation (Revenue Act of 1924, Revenue Act of 1926, Revenue Act of 1928) Allegheny National Forest Civil rights (Indian Citizenship Act of 1924) Immigration Act of 1924 Clarke–McNary Act Oil Pollution Act of 1924 World War Adjusted Compensation Act (1924) Opposition to farm subsidies (McNary–Haugen Farm Relief Bill) Judiciary Act of 1925 Federal Corrupt Practices Act Amendments of 1925 Railway Labor Act Passport Act of 1926 Flood control (Great Mississippi Flood of 1927, Flood Control Act of 1928) State of the Union Addresses (1926 1927) "I do not choose to run" (1927) Radio Act of 1927 Federal Radio Commission Equal-time rule McFadden Act (1927) Brave Little State of Vermont speech (1928) McSweeney-McNary Act of 1928 Migratory Bird Conservation Act Reed–Jenkins Act Foreign policy (Banana Wars, United States occupation of Nicaragua (1912–1933), United States occupation of Haiti (1915–1934), United States occupation of the Dominican Republic (1916–1924), Washington Naval Treaty (1922), Kellogg–Briand Pact (1928) Presidential transition of Herbert Hoover Cabinet Judicial appointments Harlan F. Stone Supreme Court nomination
Elections	1918 Massachusetts gubernatorial election 1919 Massachusetts gubernatorial election 1920 Republican National Convention 1920 United States presidential election transition 1924 Republican National Convention 1924 United States presidential election
Books	The Autobiography of Calvin Coolidge (1929)
Public image	Things named after Coolidge Sesquicentennial half dollar U.S. postage stamps Coolidge effect SS President Coolidge Backstairs at the White House (1979 miniseries)
Family	Grace Coolidge (wife) John Coolidge (son) John Calvin Coolidge Sr. (father) Calvin Galusha Coolidge (grandfather) Arthur Brown, Olympia Brown, Charles A. Coolidge (cousins) Marcus A. Coolidge, Arthur W. Coolidge, Martha Coolidge, Carlos Coolidge (distant relations) Edmund Rice (ancestor) Rob Roy (family dog) Rebecca (pet raccoon)
← Warren G. Harding Herbert Hoover → ← Thomas R. Marshall Charles G. Dawes → Category

United States federal taxation legislation

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