On this date in 1932, President Herbert Hoover signed into the law the Revenue Act, which roughly doubled the income tax. The top rate was boosted from 25% to 63%. The estate tax was doubled. Corporate taxes went up by 15%. Excise taxes were also raised. This on top of Hoover having jacked up tariffs to all-time highs in 1930. He was also a big spender and regulator. If your "history" book or teacher told you Hoover was a small-government, laissez-faire guy, please consider filing an educational malpractice lawsuit.
For more on Hoover's Depression-deepening misdeeds, see http://tinyurl.com/lm7dhpn. -- Lawrence Reed
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