* Income tax rates: The Revenue Act of 1921 reduced income tax rates for all taxpayers. The new rates ranged from 1% to 58%, with the highest rate applying to incomes over $1 million.
* Estate tax rates: The Revenue Act of 1921 also increased estate tax rates. The new rates ranged from 1% to 25%, with the highest rate applying to estates over $10 million.
* Gift tax: The Revenue Act of 1921 imposed a new gift tax. The tax rate was 2% for gifts over $50,000.
* Exemptions: The Revenue Act of 1921 increased the personal exemption for income tax purposes to $1,000. The exemption for dependents was also increased to $400.
* Deductions: The Revenue Act of 1921 allowed new deductions for charitable contributions, medical expenses, and business losses.
* Corporate tax rates: The Revenue Act of 1921 reduced the corporate tax rate from 10% to 8%.
The Revenue Act of 1921 had a significant impact on the American economy. The tax cuts stimulated economic growth and helped to reduce the national debt. The estate tax increases and gift tax helped to reduce the concentration of wealth in the United States. The new deductions for charitable contributions and medical expenses helped to make these expenses more affordable for taxpayers.