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Revenue Act Of 1924The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. Prior to its passage, the top income tax bracket taxed income above $500,000 at a 63 percent rate. In 1925, the top bracket taxed all income above $100,000 at only a 25 percent rate. The bottom rate, on income under $4,000, fell from 1.5 percent to 1.125 percent. The act also granted all non-citizen resident Indians citizenship. This meant that there were no longer any "Indians, not taxed" to be not counted for purposes of apportionment. President Calvin Coolidge signed the bill into law. External links
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