Revenue Act Questions
What is the Revenue Act?The Revenue Act has been used several times over several years. There are multiple Revenue Acts; The Revenue Act of 1935, the Revenue Act of 1942 just to name a few. Each Revenue Act tackles many laws in relation to taxes. Each Revenue Act may tackle different tax issues, or build upon prior Revenue Acts. Below are questions that individuals have asked the Experts in regards to Revenue Acts.
Which Revenue Act made income tax returns available for public inspection?The Revenue Act of 1924 was the Revenue Act that made available for public inspection the income tax returns. However inspection was limited to state officials and congressional committee members by party leaders. For an income tax to reach full public disclosure the president had to order the full disclosure. However a provision for publicity was included, which gave the Bureau of Internal Revenue directions to publish an annual list of all taxes paid by all those that had filed an income tax. These lists were became a very popular feature in the county’s newspapers.
Was there a Revenue Act that was related to the 16th Amendment?In this case, there was a Revenue Act that was related to the 16th Amendment. The 16th Amendment was ratified in 1913 after much haggling about income tax being apportioned, and made it were Congress was able to collect income taxes without apportionment and regardless to the census. Then the Revenue Act of 1913 was passed under the newly given authority. The Revenue Act of 1913 which carried within it the direct tax that was not apportioned on the income of Americans. Also due to import tariffs being reduced under this Revenue Act, it has been known as the Underwood Simmons Tariff.
What Revenue Act allowed medical deductions?It was the Revenue Act of 1942 that created deductions for medical expenses incurred. The medical expense deductions that were created in the Revenue Act of 1942 were created as a reaction to the higher taxes. The deductions allowed were meant as a relief to individuals that had medical needs but decreasing the individual’s tax liability.
There are several Revenue Acts that have been passed, each one may target a certain issue or even build upon a previous act. Most of these acts are known by the year that they were passed such as the Revenue Act of 1942. The Revenue Act of 1924 made income tax returns available for public inspection; however party leaders were able to make it where income tax returns were only available for inspection by state officials and congressional committees. As there are many Revenue Acts there also may be many questions about them, these questions can be asked of the Experts.