As part of the effort to strengthen the economy, on June 6, 1932, the Revenue Act of 1932 was enacted, under the approval of President Herbert Hoover. The act increased taxes, especially for those with higher incomes, with estate and corporate taxes raised significantly. Hoover believed the tax would lessen the effects of the 1929 stock market crash, but it only weakened American spending power and economic participation. Only the New Deal stimulus by President Roosevelt in 1932 would alleviate the burden on the American people, and increase federal involvement in the plight of the poverty stricken. President Hoover supported a limited involvement of the government in the economy.
Today In History- June 6
The Revenue Act of 1932 is enacted, creating the first gas tax in the United States.
1932 Revenue Act Creates Tax in All Areas.
- Washington D.C., USA
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