Taxes - 1924 - Revenue Act of 1924:

In 1924, Congress passed a more substantial tax cut.  This bill was titled the Revenue Act of 1924.  This cut taxes by 2-4% for most lower income brackets, and 12% in the top bracket.

Here is a breakdown of the tax rates compared to the last change in 1922:

Income (1924) Income (2006 dollars) 1922 Rate 1924 Rate
$0 $0 4 % 2 %
$4,000 $47,157.89 8 % 4 %
$8,000 $94,315.79 9 % 6 %
$10,000 $117,894.74 10 % 7 %
$14,000 $165,052.63 12 % 8 %
$16,000 $188,631.58 13 % 9 %
$18,000 $212,210.53 14 % 10 %
$20,000 $235,789.47 16 % 11 %
$22,000 $259,368.42 17 % 12 %
$24,000 $282,947.37 18 % 13 %
$26,000 $306,526.32 19 % 14 %
$28,000 $330,105.26 20 % 15 %
$30,000 $353,684.21 21 % 16 %
$34,000 $400,842.11 23 % 17 %
$36,000 $424,421.05 24 % 18 %
$38,000 $448,000.00 25 % 19 %
$42,000 $495,157.89 27 % 20 %
$44,000 $518,736.84 28 % 21 %
$46,000 $542,315.79 29 % 22 %
$48,000 $565,894.74 30 % 23 %
$50,000 $589,473.68 31 % 24 %
$52,000 $613,052.63 32 % 25 %
$56,000 $660,210.53 34 % 26 %
$58,000 $683,789.47 35 % 27 %
$62,000 $730,947.37 37 % 28 %
$64,000 $754,526.32 38 % 29 %
$66,000 $778,105.26 39 % 30 %
$68,000 $801,684.21 40 % 31 %
$70,000 $825,263.16 41 % 32 %
$74,000 $872,421.05 43 % 33 %
$76,000 $896,000.00 44 % 34 %
$80,000 $943,157.89 46 % 35 %
$82,000 $966,736.84 47 % 36 %
$84,000 $990,315.79 48 % 37 %
$88,000 $1,037,473.68 50 % 38 %
$90,000 $1,061,052.63 51 % 39 %
$92,000 $1,084,631.58 52 % 40 %
$94,000 $1,108,210.53 53 % 41 %
$96,000 $1,131,789.47 54 % 42 %
$100,000 $1,178,947.37 56 % 43 %
$150,000 $1,768,421.05 57 % 44 %
$200,000 $2,357,894.74 58 % 45 %
$300,000 $3,536,842.10 58 % 46 %
$500,000 $5,894,736.84 58 % 46 %

 

Sources:

http://en.wikipedia.org/wiki/Revenue_Act_of_1924

http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml

http://www.measuringworth.com/uscompare/

 

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