Examples of Revenue Act of 1932 in the following topics:
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- By 1932, the Great Depression had spread across the globe.
- However, faced with a tide of poverty, Hoover and Congress approved the Federal Home Loan Bank Act to spur new home construction and reduce foreclosures.
- The final Hoover Administration attempt to rescue the economy occurred in 1932 with the passage of the Emergency Relief and Construction Act, which authorized funds for public works programs and the creation of the Reconstruction Finance Corporation (RFC).
- To pay for these and other government programs, and to make up for revenue lost due to the Depression, Hoover agreed to roll back several tax cuts that his Administration had enacted on higher-bracket incomes.
- Congress was desperate to increase federal revenue, and in one of the largest tax increases in American history, the Revenue Act of 1932 raised income tax on the highest incomes from 25% to 63%.
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- Also in 1932, Hoover signed the Emergency Relief and Construction Act, which authorized considerable funds for public works programs and direct relief programs.
- While historians argue that the Act was responsible for the following significant decrease in import and export of American goods, Hoover opposed the legislation and in the end signed it under the pressure of his party and business leaders.
- Second, the Revenue Act of 1932, which was the largest peacetime tax increase in history, increased taxes across the board.
- Finally, the 1932 Norris-La Guardia Anti-injunction Act supported the organized labor.
- The 1932 presidential election campaign revolved entirely around the disastrous economic situation.
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- Hawley of Oregon, the Republican chairman of the
House Ways and Means Committee, the intent of the act signed into law on June
17, 1930, was to encourage the purchase of American-made products by increasing
the cost of imported goods.
- Desperate
to increase federal revenue, Congress approved one of the largest tax increases
in American history, the Revenue Act of 1932.
- The
final Hoover Administration attempt to rescue the economy occurred in 1932 with
the passage of the Emergency Relief and Construction Act, which authorized
funds for public works programs and the creation of the Reconstruction Finance Corporation (RFC), an independent agency whose
purpose was to provide government-secured loans to financial institutions,
railroads and farmers.
- Reed Smoot in April 1929, shortly before the Smoot-Hawley Tariff Act passed the House of Representatives.
- Hoover addresses a large crowd on the campaign trail in 1932.
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- The United States Revenue Act of 1913 re-imposed the federal income tax, and lowered basic tariff rates from 40% to 25%.
- The United States Revenue Act of 1913 (also known as the Tariff Act, Underwood Tariff or Underwood-Simmons Act) re-imposed the federal income tax following the ratification of the Sixteenth Amendment.
- Underwood of Alabama guided the Revenue Act of 1913 through the House (where it passed, 281 to 139) and the Senate (where it passed, 44 to 37).
- The Act also provided for the re-institution of a federal income tax as a means of compensating for anticipated lost revenue due to the reduction of tariff duties.
- Within a few years after the Revenue Act was implemented, the federal income tax replaced tariffs as the chief source of revenue for the government.
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- The Great Depression and thus the economy was the dominant issue during the presidential election of 1932 between Franklin Delano Roosevelt and incumbent Herbert Hoover.
- As the presidential
election of 1932 took place in the midst of the Great Depression, the economy
was unsurprisingly the dominant issue.
- By the time of the 1932 convention in Chicago, FDR was the leading candidate but was still short of the support of the required two-thirds of the delegates.
- Even prohibition, Democrats' favorite target, was discussed in terms of an economic issue as bringing back alcohol could not be disconnected from the question of associated tax revenues.
- The 1932 election realigned political loyalties and coalitions in the United States.
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- The only laws of the Clinton administration that could be considered deregulatory were the Telecom Reform Act of February 8, 1996, which eliminated ownership restrictions on radio and television; the pesticides legislation of 1996; and the Food and Drug Administration overhaul of 1997.
- All were signed into law by Clinton, along with the Financial Services Modernization Act of 1999, which allowed banks, insurance companies and investment houses to merge, thus repealing the Glass-Steagall Act, which had been in place since 1932.
- Clinton signed the Omnibus Budget Reconciliation Act of 1993 into law.
- This Act cut taxes for 15 million low-income families, made tax cuts available to 90% of small businesses, and raised taxes on the wealthiest 1.2% of taxpayers.
- Increased tax revenue and budget cuts turned the annual national budget deficit from close to $290 billion in 1992 to a record budget surplus of over $230 billion in 2000.
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- The Norris–LaGuardia Act removed certain legal and judicial barriers against the activities of organized labor in the United States.
- Section 13A of the Norris-La Guardia Act was fully applied by the Supreme Court of the United States in New Negro Alliance v.
- The Norris–LaGuardia Act (also known as the Anti-Injunction Bill) was a 1932 United States federal law that banned yellow-dog contracts, barred federal courts from issuing injunctions against nonviolent labor disputes, and created a positive right of noninterference by employers against workers joining trade unions.
- Section 13A of the act was fully applied by the Supreme Court of the United States in New Negro Alliance v.
- LaGuardia were the chief sponsors of the Act.
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- The Great Depression which followed the 1929 stock market collapse led to price deflation, massive unemployment, falling farm incomes, investment losses, bank failures, business bankruptcies, and reduced government revenues.
- Herbert Hoover's conservative protectionist economic policies failed to halt the depression, and in the 1932 presidential election, Democrat Franklin Delano Roosevelt won a landslide victory.
- When Roosevelt tried to bring the country out of depression and ease the plight of the unemployed with the New Deal, conservatives fought him every inch of the way.
- The America First Committee launched a petition aimed at enforcing the 1939 Neutrality Act and forcing President Franklin D.
- Lindbergh adopted an anti-war stance even before the Battle of Britain and before the advent of the lend-lease bill.
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- The Great Depression of the 1930s brought
thousands of people, and even entire regions of the country, to their knees.
- After Franklin Delano Roosevelt
soundly defeated Hoover in the November 1932 presidential election, FDR’s “New Deal”
economic recovery plan enacted
special relief programs for the homeless under the Federal Transient Service
(FTS), which operated from 1933-35.
- In 1934, the Frazier-Lemke Farm Bankruptcy
Act and Taylor Grazing Act also became pivotal tools in the effort to prevent
farms from failing and to add livestock feeding areas, both of which helped
reduce homelessness.
- The sustained
drought and storms damaged the land so badly that overall farm revenue fell by
50 percent in the Dust Bowl region.
- Unemployment among black workers grew to almost 50% by 1932.
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- The 1932 election marked the beginning of the process when a wide and diverse base of voters, many of whom had not supported the Democratic Party before, turned towards Democrats.
- The New Deal Coalition emerged in 1932 but solidified during the 1936 election.
- African Americans: Black voters did not support Roosevelt in 1932.
- Historians note, however, that in 1932 black voters supported Hoover not because he had done much for black communities but rather not to support the candidate of the party that had a long history of suppressing African Americans.
- Roosevelt signs the Social Security Act, August 14, 1935.