Revenue Act of 1928

Tax on corporations

A rate of 12 percent was levied on the net income of corporations.

Tax on individuals

A normal tax and a surtax were levied against the net income of individuals as shown in the following table:

Joint Committee on Taxation

In the Revenue Act of 1928, the Joint Committee's authority was extended to the review of all refunds or credits of any income, war-profits, excess-profits, or estate or gift tax in excess of $75,000. In addition, the Act required the Joint Committee to make an annual report to Congress with respect to such refunds and credits, including the names of all persons and corporations to whom amounts are credited or payments are made, together with the amounts credit or paid to each. Since 1928, the threshold for review of large tax refunds has been increased from $75,000 to $2 million in various steps and the taxes to which such review applies has been expanded. Other than that, the Joint Committee's responsibilities under the Internal Revenue Code have remained essentially unchanged since 1928.

References

References

1. (1928). "Revenue act of 1928 : hearings before the Committee on Finance, United States Senate, seventieth Congress, first session on H.R. 1, an act to reduce and equalize taxation, provide revenue, and for other purposes. April 9-13, 1928". United States Government Printing Office.
2. Blakey, Roy G.. (1928). "The Revenue Act of 1928". The American Economic Review.
3. [http://www.hiddenmysteries.org/law/research/Revenue%20Act%20of%201928.pdf Facsimile from Statutes at Large]{{Dead link. (January 2026)