Question

Select the correct answer. What effect did the Revenue Act of 1926 have on Americans? A. It raised the estate taxes Americans had to pay. B. It increased the purchasing power of rich Americans. C. It provided tax relief in cases of natural disasters. D. It reformed the nation's system of taxation.

Answer 1

Answer:

Option b: It increased the purchasing power of rich Americans.

Explanation:

Revenue Act of 1926-Act gave tax breaks to the wealthy in an attempt to encourage the "trickle down effect." As it has Lowered the top income tax rate even further from the 1924 bill

The Revenue Act of 1926 was set up for the good of the American people and it has help in the process of increasing he purchasing power of rich Americans and it has reduced inheritance and personal income taxes drastically,ended public access to federal income tax returns and eliminate gift tax..