President Calvin Coolidge signed the income tax bill on February 26, 1926. Andrew Mellon is the third figure from the right, and Director of the Budget, General Herbert Mayhew Lord, is to Mellon's left.
The United States Revenue Act of 1926, 44 Stat. 9, reduced inheritance and personal income taxes, cancelled many excise imposts, eliminated the gift tax and ended public access to federal income tax returns.
Passed by the 69th Congress, it was signed into law by President Calvin Coolidge.
The act was applicable to incomes for 1925 and thereafter.[1]
^Surtax rates under the Revenue Acts 1913 to 1926
and 22 Related for: Revenue Act of 1926 information
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