Revenue Act of 1932
The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent.
Taxable Items included dye, chewing gum, furs, soft drinks, and sporting goods; firearms, shells, and cartridges; coal, coke, and copper ore; telegraph, telephone, cable, and radio dispatches; and checks, jewelry, matches, refrigerators, stamps, and toiletries, and this act enacted one of the first taxes on gasoline.
The provisions of the act applied to the taxable year of 1932 and all subsequent taxable years.
It was signed into law by President Herbert Hoover.
A rate of 13.75 percent, increased from the prior 12.0 percent, was levied on the net income of corporations.
A Normal Tax and a Surtax were levied against the net income of individuals as shown in the following table.
The Act also imposed a gift tax, effective with respect to gifts made on or after June 7, 1932.
Ghosts of 1932: The Lost History of Estate and Gift Taxation, Jeffrey A. Cooper, 9 Florida Tax Review 875-917, available for download at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1438181
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