What did the Revenue Act of 1932 do?

The Revenue Act of 1932 was a significant piece of legislation in the United States that aimed to address the economic challenges of the Great Depression. It increased income tax rates, particularly for higher-income individuals and corporations, and introduced new taxes on various goods and services. The act sought to boost federal revenue to help fund government programs and reduce the budget deficit. However, the tax increases were controversial and contributed to further economic struggles in the short term.