oct 21, 1942 - Revenue Act of 1942
Description:
The Revenue Act of 1942 revolutionized the tax structure by increasing the number who paid income taxes from 13,000,000 to 50,000,000. At the same time, through taxes on excess profits and other sources of income, the rich were made to bear a larger part of the burden, making this the only period in modern history when wealth was significantly redistributed.Added to timeline:
Date:
oct 21, 1942
Now
~ 82 years ago