Changes

===Tax increases===

===Tax increases===

On June 6th, 1932, Hoover signed into law the [[Revenue Act of 1932]], which was at the time the largest peacetime tax increase in U.S. history.  Early in 1932, Hoover's top priority was balancing the budget - which he believed would significantly impact the economic malaise and turn things around.<ref>[https://books.google.com/books?id=oddbCwAAQBAJ&pg=PT151 Anxious Decades: America in Prosperity and Depression, 1920-1941]</ref>

On June 6th, 1932, Hoover signed into law the [[Revenue Act of 1932]], which was at the time the largest peacetime tax increase in U.S. history.<ref>[http://www.taxhistory.org/thp/readings.nsf/ArtWeb/65D62AC290A5E538852574CE00735F76?OpenDocument Tax Cuts, Confidence, and Presidential Leadership ]</ref> Early in 1932, Hoover's top priority was balancing the budget - which he believed would significantly impact the economic malaise and turn things around.<ref>[https://books.google.com/books?id=oddbCwAAQBAJ&pg=PT151 Anxious Decades: America in Prosperity and Depression, 1920-1941]</ref>

The revenue act followed the Smoot Hawley Tariff of 1930, which produced ill effects and a trade war upon already strained economic conditions.<ref>[https://books.google.com/books?id=o1V2AwAAQBAJ&pg=RA1-PA80 Diversity and Society: Race, Ethnicity, and Gender, 2011/2012 Update]</ref>

The revenue act followed the Smoot Hawley Tariff of 1930, which produced ill effects and a trade war upon already strained economic conditions.<ref>[https://books.google.com/books?id=o1V2AwAAQBAJ&pg=RA1-PA80 Diversity and Society: Race, Ethnicity, and Gender, 2011/2012 Update]</ref>