The 1924 Revenue Act Set a Top Marginal Tax Rate of 46 Percent

I was browsing through old editions of the Federal Register—who doesn’t, after all?—and learned that the Revenue Act of 1924 set a tax rate of 43 percent on incomes over $100,000 and 46 percent on incomes over $500,000. That’s about the equivalent of $1.5 million and $7 million, respectively, today, compared to a top marginal rate of 37 percent in current law. It’s remarkable, isn’t it, that even a conservative Republican administration in the era of small government taxed the rich more than we do today? It’s also worth noting that the 1924 Act set up 43 tax brackets. Apparently it never occurred to them to invent a dumb canard about lots of brackets having anything to do with the complexity of filing a return.

Oh, and there’s also this. Just thought I’d post it for no particular reason.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate