Business Community

Revenue Act of 1935 Enacts "Wealth Tax" on Highest Incomes

1935-08-30 00:00:00 +0000 UTC | Importance: 8/10

President Franklin D. Roosevelt signs the Revenue Act of 1935 (49 Stat. 1014) into law on August 30, 1935, over strong opposition from business, the wealthy, and conservatives from both parties, introducing the “Wealth Tax” as the first major New Deal effort to reform federal taxation …

Franklin D. Roosevelt John D. Rockefeller Business Community Democratic Party taxation new-deal wealth-redistribution progressive-taxation regulatory-victory +1 more

Nicholas Biddle Deliberately Contracts Credit to Create "Biddle's Panic" and Force Bank Recharter

1833-10-01 00:00:00 +0000 UTC | Importance: 8/10

Following Andrew Jackson’s September 1833 removal of federal deposits from the Second Bank of the United States, Bank president Nicholas Biddle responds by deliberately contracting credit nationwide to create economic distress and force Jackson to reverse his policy. Biddle raises interest …

Nicholas Biddle Second Bank of the United States Andrew Jackson Henry Clay U.S. Congress +2 more financial-manipulation economic-sabotage banking-system jackson-era institutional-corruption