Revenue Acts of 1924 and 1926

Examples of Revenue Acts of 1924 and 1926 in the following topics:

• The Republican Era

  • Scandals and corruption, including the notorious Teapot Dome Scandal, pervaded his administration; one of his own cabinet and several of his appointees were eventually tried, convicted, and sent to prison for bribery or defrauding the federal government.
  • Praising the achievement of widespread prosperity in 1928, he said: "The requirements of existence have passed beyond the standard of necessity into the region of luxury. " Coolidge echoed many of Harding's Republican themes, including immigration restriction and the need for the government to arbitrate the coal strikes then ongoing in Pennsylvania; later that year Coolidge signed the Immigration Act of 1924.
  • In 1924, Congress passed the Revenue Act of 1924, which reduced income tax rates and eliminated all income taxation for some two million people.
  • They reduced taxes again by passing the Revenue Acts of 1926 and 1928, all the while continuing to keep spending down so as to reduce the overall federal debt.
  • Coolidge left the administration's industrial policy in the hands of his activist Secretary of Commerce, Herbert Hoover, who energetically used government auspices to promote business efficiency and develop airlines and radio.

• Changes in Agricultural Production

  • Farmers had a powerful voice in Congress and demanded federal subsidies, most notably the McNary-Haugen Farm Relief Act.
  • The act, which was co-authored by Charles L.
  • Despite attempts in 1924, 1926, 1927, and 1928 to pass the bill, it was vetoed by President Calvin Coolidge and never approved.
  • In fact, many did not remain down on the farm and instead became part of a great migration of youth from farms to nearby towns and smaller cities.
  • United States Commerce Secretary Herbert Hoover, center, in 1926 with his assistants William McCracken, left, and Walter Drake.

• Vaudeville

  • Each performance was made up of a series of separate, unrelated acts grouped together on a common bill.
  • Types of acts included popular and classical musicians, dancers, comedians, trained animals, magicians, impersonators, acrobats, illustrated songs, jugglers, one-act plays or scenes from plays, athletes, lecturing celebrities, minstrels, and movies.
  • By World War I, "The Four Marx Brothers" began to incorporate their unique style of comedy into their act and to develop their characters .
  • By the 1920s, the Marx Brothers had become one of America's favorite theatrical acts.
  • Under Chico's management, and with Groucho's creative direction, the brothers' vaudeville act led to them becoming stars on Broadway, first with a musical revue, I'll Say She Is (1924–1925) and then with two musical comedies, The Cocoanuts (1925–1926) and Animal Crackers (1928–1929).

• Promoting Peace Abroad

  • In addition to employing pro-business acts and policies, Coolidge went against his own beliefs about staying out of international relations and signed an international treaty intended to avoid war in order to promote a peace that would aid American business ventures.
  • Senate eventually approved a measure to join the court, with reservations, in 1926.
  • While the League of Nations accepted the reservations, it suggested some modifications upon which the Senate failed to act and the U.S. ultimately never joined the World Court.
  • The American occupation of Nicaragua and Haiti continued under his administration, although Coolidge withdrew American troops from the Dominican Republic in 1924.
  • This map indicates the nations that were party to the Kellog-Briand Pact of 1928 and their degree of involvement in the treaty.

• The Tariff

  • 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).
  • That obstacle, however, was removed by the ratification of the Sixteenth Amendment on February 3, 1913, and the Revenue Act defined income as:
  • 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.

• Attempts at Disarmament

  • Ratifications for the Locarno treaties were exchanged in Geneva on 14 September 1926 and on the same day they became effective.
  • Germany formally recognized its new western borders acted by the Treaty of Versailles.
  • These essentially reaffirmed existing treaties of alliance concluded by France with Poland on 19 February 1921 and with Czechoslovakia on 25 January 1924.
  • The League of Nations turned out to be ineffective in its efforts to act as an international peace-keeping organization.
  • The final significant act of the League was to expel the Soviet Union in December 1939 after it invaded Finland.

• Cinema

  • At the beginning of the 1920s, films were silent and colorless.
  • The first all-color feature, "The Toll of the Sea," was released in 1922, with the next big leap coming in 1926 with the Warner Brothers Pictures (later shortened to Warner Bros.) release of "Don Juan," the first feature with sound effects and music.
  • The late 1920s saw the emergence of Walt Disney and his eponymous studio.
  • MGM had owned the Loews string of theaters since its formation in 1924, while the Fox Film Corporation owned the Fox Theatre chain.
  • Paramount, which had already acquired Balaban and Katz in 1926, purchased a number of theaters in the late 1920s, to the point of holding a monopoly on theaters in Detroit, Michigan.

• Toward Immigration Restriction

  • Twenty years after Cleveland’s veto, a literacy requirement was included in the Immigration Act of 1917.
  • The widespread acceptance of racist ideology and labor concerns led to a reduction in Southern and Eastern European immigrants being codified in the National Origins Formula of the Emergency Quota Act of 1921, which capped new immigrants at 3% of the number of people in that same ethnic group already in the United States.
  • This was a temporary measure and was followed by a further lowering of the immigrant quota to 2% in the Immigration Act of 1924, which also reduced the number of immigrants to 164,687.
  • After the Immigration Act of 1924 significantly reduced the intake of non-Nordic ethnicities, the Great Migration of African-Americans out of the South displaced anti-white immigrant racism with anti-black racism.
  • President Calvin Coolidge signs the Immigration Act of 1924 on the south lawn of the White House.

• Economic Way of Thinking

  • A change in the price of a good will change the quantity sold, a change in the quantity sold will change the total revenue collected.
  • The change in total revenue caused by a change in units sold is called marginal revenue.
  • MR is the change in Total Revenue (TR) caused by a one-unit change in the quantity sold (Q).
  • Vilfredo Pareto, Francis Ysidro Edgeworth [1845-1926] and Henry Sidgwick [1838-1900] were all instrumental in developing the idea of indifference functions that allows the use of ordinal concepts of utility.
  • Carl Menger and a group of followers (such as Eugen von Böhm-Bawerk [1851-1914], Friedrich von Wieser [1851-1926], Ludwig von Mises [1881-1973] and Friedrich Hayek [1899-1992]) have developed an alternative view of microeconomic behavior.

• Italy and Germany

  • The Fascist Party used violence and intimidation to achieve the 25% threshold in the 1924 election, and became the ruling political party of Italy.
  • In 1925, Mussolini accepted responsibility for the Fascist violence in 1924, and promised that dissenters would be dealt with harshly.
  • In 1926, he passed a law that declared he was responsible only to the king and made him the sole person able to determine Parliament's agenda.
  • In March 1933, the Enabling Act, an amendment to the Weimar Constitution, passed in the Reichstag by a vote of 444 to 94.
  • The Winter Relief campaigns annual drives to help finance charitable work) acted as a ritual to generate public feeling.