The United StatesRevenue Act of 1924 (43 Stat. 253) (June 2, 1924), also known as theMellon tax bill (afterU.S. Secretary of the TreasuryAndrew Mellon) cutfederaltax rates for 1924 income.[1] 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:
PresidentCalvin Coolidge signed the bill into law.
From 2019 to 2022, the law was the subject of a court battle that resulted in the Ways and Means Committee obtaining thetax returns of Donald Trump.
Both a normal tax and a surtax were levied against the net income of individuals, as shown in the following table:
| Net Income (dollars) | Normal Rate (percent) | Surtax Rate (percent) | Combined Rate (percent) |
|---|---|---|---|
| 0 | 2 | 0 | 2 |
| 4,000 | 4 | 0 | 4 |
| 8,000 | 6 | 0 | 6 |
| 10,000 | 6 | 1 | 7 |
| 14,000 | 6 | 2 | 8 |
| 16,000 | 6 | 3 | 9 |
| 18,000 | 6 | 4 | 10 |
| 20,000 | 6 | 5 | 11 |
| 22,000 | 6 | 6 | 12 |
| 24,000 | 6 | 7 | 13 |
| 26,000 | 6 | 8 | 14 |
| 28,000 | 6 | 9 | 15 |
| 30,000 | 6 | 10 | 16 |
| 34,000 | 6 | 11 | 17 |
| 36,000 | 6 | 12 | 18 |
| 38,000 | 6 | 13 | 19 |
| 42,000 | 6 | 14 | 20 |
| 44,000 | 6 | 15 | 21 |
| 46,000 | 6 | 16 | 22 |
| 48,000 | 6 | 17 | 23 |
| 50,000 | 6 | 18 | 24 |
| 52,000 | 6 | 19 | 25 |
| 56,000 | 6 | 20 | 26 |
| 58,000 | 6 | 21 | 27 |
| 62,000 | 6 | 22 | 28 |
| 64,000 | 6 | 23 | 29 |
| 66,000 | 6 | 24 | 30 |
| 68,000 | 6 | 25 | 31 |
| 70,000 | 6 | 26 | 32 |
| 74,000 | 6 | 27 | 33 |
| 76,000 | 6 | 28 | 34 |
| 80,000 | 6 | 29 | 35 |
| 82,000 | 6 | 30 | 36 |
| 84,000 | 6 | 31 | 37 |
| 88,000 | 6 | 32 | 38 |
| 90,000 | 6 | 33 | 39 |
| 92,000 | 6 | 34 | 40 |
| 94,000 | 6 | 35 | 41 |
| 96,000 | 6 | 36 | 42 |
| 100,000 | 6 | 37 | 43 |
| 200,000 | 6 | 38 | 44 |
| 300,000 | 6 | 39 | 45 |
| 500,000 | 6 | 40 | 46 |
