Revenue+Act+of+1935

__**R[[image:http://lawprofessors.typepad.com/.a/6a00d8341bfae553ef0133f31284e6970b-800wi width="199" height="224" align="right"]]evenue Act of 1935**__
The Revenue act raised taxes in the United States on higher income levels, by introducing what was called the "wealth tax". This resulted in heavier surtaxes on individuals, graduated taxes on corporation incomes, and taxes on inter-corporate dividends. It was estimated the act afforded an additional 250 million dollars of annual revenue when in full operation.
 * **__About the Revenue Act__**

Roosevelt wanted heavier surtaxes only on large individual incomes, inheritance and gift taxes, and the submission of a constitutional amendment authorizing the general taxation of income from federal, state, and local government securities.
 * __**What Roosevelt wanted but did not go through**__

Wealthy people in the U.S were not fond of the Revenue Act. Many people used loopholes in the tax code at the time to evade these taxes. But this was fixed in 1937 when tax laws and regulations were revised. Roosevelt surprised the country and congressional party leaders by a special tax message sent to congress on June 19th 1935. The message expressed opposition in the government because it stressed taxation for other than revenue purposes such as, distribution of wealth, extra taxation of corporations on the basis of size, and the elimination of unnessecary holding companies.
 * __**Reaction to Revenue Act**__

1935 showed larger receits and smaller expenses that had been estimated, the year ended with a smaller deficit then had been anticipated making for a successful economic year.
 * __**Impact**__