The Revenue Act of 1924 was a significant piece of legislation in the United States that aimed to reduce income tax rates and adjust estate taxes. It lowered the top income tax rate from 58% to 46% and increased the personal exemption, benefiting many taxpayers. The act also introduced a graduated estate tax, which imposed higher rates on larger estates. Additionally, the act sought to stimulate the economy during the post-World War I period by encouraging consumer spending and investment. By easing the tax burden, the government aimed to promote economic growth and stability, reflecting the broader economic policies of the Roaring Twenties.