Franklin D. Roosevelt once remarked that taxation is the lifeblood of government and economic stability is its heartbeat. In 1935, the 32nd President of the United States establish the "Soak the Rich" tax or known as the "Wealth Tax Act" or "The Revenue Act of 1935". The Revenue Act faces fierce opposition from businesses, the wealthy and conservatives because it introduced a progressive tax structure that levied up to 75 per cent of top income. The act's progressive tax system aims to redistribute wealth and lessen economic inequality.
