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Revenue Act Of 1924
The United States Revenue Act of 1924 () (June 2, 1924), also known as the Mellon tax bill (after U.S. Secretary of the Treasury Andrew Mellon) cut federal tax rates for 1924 income. The bottom rate, on income under $4,000, fell from 1.5% to 1.125% (both rates are after reduction by the "earned income credit"). The Act also: * Established the U.S. Board of Tax Appeals, which was later renamed the United States Tax Court in 1942. * Gave the chair of the House Ways and Means Committee the power to obtain the records for any taxpayer, in response to the Teapot Dome scandal. * Declared that there were no longer any "Indians, not taxed" to be not counted for purposes of United States congressional apportionment. A parallel act, the Indian Citizenship Act of 1924 (43 Stat. 25, Ch. 233 (1924)), granted all non-citizen resident Indians citizenship. President Calvin Coolidge Calvin Coolidge (born John Calvin Coolidge Jr.; ; July 4, 1872January 5, 1933) was the 30th presi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Mellon
Andrew William Mellon (; March 24, 1855 – August 26, 1937), known also as A. W. Mellon, was an American banker, businessman, industrialist, philanthropist, art collector, and politician. The son of Mellon family patriarch Thomas Mellon, he established a vast business empire before moving into politics. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street Crash of 1929. A conservative Republican, Mellon favored policies that reduced taxation and the national debt of the United States in the aftermath of World War I. Mellon also helped fund and manage Kennywood Park in West Mifflin, Pennsylvania. Andrew began working at his father's Pittsburgh, Pennsylvania, bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. He later renamed T. Mellon & Sons as Mellon National Bank and established another financial institution, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Government Of The United States
The Federal Government of the United States of America (U.S. federal government or U.S. government) is the Federation#Federal governments, national government of the United States. The U.S. federal government is composed of three distinct branches: United States Congress, legislative, President of the United States, executive, and Federal judiciary of the United States, judicial. Powers of these three branches are defined and vested by the Constitution of the United States, U.S. Constitution, which has been in continuous effect since May 4, 1789. The powers and duties of these branches are further defined by Act of Congress, Acts of Congress, including the creation of United States federal executive departments, executive departments and courts subordinate to the Supreme Court of the United States, U.S. Supreme Court. In the Federalism in the United States, federal division of power, the federal government shares sovereignty with each of the 50 states in their respective t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earned Income Credit
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children. Low-income adults with no children are eligible. For a person or couple to claim one or more persons as their qualifying child, requirements such as relationship, age, and shared residency must be met.Tax Year 2020 1040 and 1040-SR Instructions, including the instructions for Schedules 1 through 3 Rules for EIC begin on page 40 for 2020 Tax Year. The earned income tax credit has been part of political debates in the United States over ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Tax Court
The United States Tax Court (in case citations, T.C.) is a Federal judiciary of the United States, federal trial court court of record, of record established by US Congress, Congress under Article One of the United States Constitution, Article I of the Constitution of the United States, U.S. Constitution, section 8 of which provides (in part) that the Congress has the power to "constitute Tribunals inferior to the supreme Court". The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service. Though taxpayers may choose to litigation, litigate tax matters in a variety of legal settings, outside of Bankruptcy in the United States, bankruptcy, the Tax Court is the only forum in which taxpayers may do so without having first paid the disputed tax in full. Parties who contest the imposition of a tax may also bring an action in any United States District Court, or in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Ways And Means Committee
A ways and means committee is a government body that is charged with reviewing and making recommendations for government budgets. Because the raising of revenue is vital to carrying out governmental operations, such a committee is tasked with finding the ways and means with which to raise that revenue. The term "ways and means" originated with the Parliament of England and refers to the provision of revenue to meet national expenditure requirements and to implement the objectives of economic policy. The ways and means are provided by the imposition of taxation. Canada The Canadian federal government, which follows the British Parliamentary System, also adopted the term "Ways and Means" within its tax system. For example, the Minister of Finance introduces changes to its fiscal plan via a Ways and Means Motion to Amend the Income Tax Act 1985. The Minister tables the motion in Parliament and then presents the budget highlights in a formal budget speech. Only after a federal bud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teapot Dome Scandal
The Teapot Dome scandal was a political corruption scandal in the United States involving the administration of President Warren G. Harding. It centered on Interior Secretary Albert B. Fall, who had leased Navy petroleum reserves at Teapot Dome in Wyoming, as well as two locations in California, to private oil companies at low rates without competitive bidding. The leases were the subject of an investigation by Senator Thomas J. Walsh. Convicted of accepting bribes from the oil companies, Fall became the first presidential cabinet member to go to prison, but no one was convicted of paying the bribes. Before the Watergate scandal, Teapot Dome was regarded as the "greatest and most sensational scandal in the history of American politics". It permanently damaged the reputation of the Harding administration, already hurt by its handling of the Great Railroad Strike of 1922 and Harding's 1922 veto of the Bonus Bill. Congress subsequently passed permanent legislation granting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congressional Apportionment
United States congressional apportionment is the process by which seats in the United States House of Representatives are distributed among the 50 states according to the most recent decennial census mandated by the United States Constitution. After each state is assigned one seat in the House, most states are then apportioned a number of additional seats which roughly corresponds to its share of the aggregate population of the 50 states. Every state is constitutionally guaranteed two seats in the Senate and at least one seat in the House, regardless of population. The U.S. House of Representatives' maximum number of seats has been limited to 435, capped at that number by the Reapportionment Act of 1929—except for a temporary (1959–1962) increase to 437 when Alaska and Hawaii were admitted into the Union. Public Law 62-5 of 1911. The Huntington–Hill method of equal proportions has been used to distribute the seats among the states since the 1940 census reapportionmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Citizenship Act Of 1924
The Indian Citizenship Act of 1924, (, enacted June 2, 1924) was an Act of the United States Congress that declared Indigenous persons born within the United States are US citizens. Although the Fourteenth Amendment to the U.S. Constitution provides that any person born in the United States is a citizen, there is an exception for persons not "subject to the jurisdiction" of the federal government. This language was generally taken to mean members of various tribes that were treated as separate sovereignties: they were citizens of their tribal nations. The act was proposed by U.S. Representative Homer P. Snyder (R-N.Y.), and signed into law by President Calvin Coolidge on June 2, 1924. It was enacted partially in recognition of the thousands of Native Americans who served in the U.S. Armed Forces during World War I. Text The text of the 1924 Indian Citizenship Act reads as follows: ''Be it enacted by the Senate and House of Representatives of the United States of Ameri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calvin Coolidge
Calvin Coolidge (born John Calvin Coolidge Jr.; ; July 4, 1872January 5, 1933) was the 30th president of the United States, serving from 1923 to 1929. A Republican Party (United States), Republican lawyer from Massachusetts, he previously served as the 29th Vice President of the United States, vice president from 1921 to 1923 under President Warren G. Harding, and as the 48th governor of Massachusetts from 1919 to 1921. Coolidge gained a reputation as a Libertarian conservatism, small-government conservative with a taciturn personality and dry sense of humor that earned him the nickname "Silent Cal". Coolidge began his career as a member of the Massachusetts House of Representatives, Massachusetts State House. He rose up the ranks of Massachusetts politics and was elected governor 1918 Massachusetts gubernatorial election, in 1918. As governor, Coolidge ran on the record of fiscal conservatism, strong support for women's suffrage, and vague opposition to Prohibition in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Returns Of Donald Trump
Donald Trump, President of the United States, controversially refused to release his tax returns after being elected president the first time in 2016, although he promised to do so during his campaign. In 2021, the Manhattan district attorney (DA) obtained several years of Trump's tax information, and in late 2022, the U.S. House Ways and Means Committee obtained and released six years of his returns. Trump repeatedly and falsely claimed that he could not release the returns while they were under audit by the Internal Revenue Service (IRS). After Democrats won a majority in the House of Representatives in 2018, Trump sued to prevent his returns from being released by the IRS or his accountants, which were being sought by certain state officials and congressional committees. The Manhattan DA's request for records as part of its criminal probe of the Trump Organization (regarding a hush-money payment made during the 2016 presidential campaign and alleged tax fraud) was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1926
The United States Revenue Act of 1926, , reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns. The most notable parts of the Act were that maximum tax rates on inheritances and large estates were halved, as were income taxes for the wealthiest. As a consequence, taxes on the wealthy were greatly reduced. To garner political support for such massive tax cuts for the wealthy, the Act also provided small tax cuts across the board. Passed by the 69th Congress, it was signed into law by President Calvin Coolidge Calvin Coolidge (born John Calvin Coolidge Jr.; ; July 4, 1872January 5, 1933) was the 30th president of the United States, serving from 1923 to 1929. A Republican Party (United States), Republican lawyer from Massachusetts, he previously .... The act was applicable to incomes for 1925 and thereafter. Tax on Corporations A rate of 13.5 percent was levied on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Taxation Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film * ''The United'' (film), an unreleased Arabic-language film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe * "United (Who We Are)", a song by XO-IQ, featured in the television ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
