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Legislation

Franklin D. Roosevelt signs the Revenue Act of 1942

Name: Franklin D. Roosevelt signs the Revenue Act of 1942
Start: 1942-10-21
Location: United States

President Roosevelt signed the Revenue Act of 1942 into law, including a 5% 'Victory Tax' and substantial increases in individual and corporate tax rates to raise funds for World War II.

The act greatly expanded federal revenue and the taxpaying population to finance the U.S. war effort, marking a major shift in wartime fiscal policy and the scale of government taxation.

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Event Details

Date: October 21, 1942
President: Franklin D. Roosevelt
Category: Legislation
Era: World War Era

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