jan 1, 1917 - War Revenue Act of 1917

Description:

The United States War Revenue Act of 1917 greatly increased federal income tax rates while simultaneously lowering exemptions.

The 2% bracket had previously applied to income below $20,000. That amount was lowered to $2,000. The top bracket (on income above $2 million) was raised from 15% to 67%.

The act was applicable to incomes for 1917.

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