ye , ▁che wing ▁g um , ▁f urs , ▁soft ▁drink s , ▁and ▁sport ing ▁goods ; ▁fire ar ms , ▁shell s , ▁and ▁cart rid ges ; ▁coal , ▁co ke , ▁and ▁co pper ▁ore ; ▁te legraph , ▁tele phone , ▁cable , ▁and ▁radio ▁dispatch es ; ▁and ▁checks , ▁j ew el ry , ▁matches , ▁re fr iger ators , ▁st amps , ▁and ▁to ile t ries , ▁and ▁this ▁act ▁en act ed ▁one ▁of ▁the ▁first ▁tax es ▁on ▁gas oline . ▁▁ ▁The ▁prov isions ▁of ▁the ▁act ▁applied ▁to ▁the ▁tax able ▁year ▁of ▁ 1 9 3 2 ▁and ▁all ▁subsequent ▁tax able ▁years . ▁ ▁It ▁was ▁signed ▁into ▁law ▁by ▁President ▁Herbert ▁Ho over . ▁ ▁Tax ▁on ▁Corpor ations ▁ ▁A ▁rate ▁of ▁ 1 3 . 7 5 ▁percent , ▁increased ▁from ▁the ▁prior ▁ 1 2 . 0 ▁percent , ▁was ▁lev ied ▁on ▁the ▁net ▁income ▁of ▁corpor ations . ▁ ▁Tax ▁on ▁Ind ividual s ▁ ▁A ▁Normal ▁Tax ▁and ▁a ▁Sur tax ▁were ▁lev ied ▁against ▁the ▁net ▁income ▁of ▁individuals ▁as ▁shown ▁in ▁the ▁following ▁table . ▁ ▁Ex em ption ▁of ▁$ 1 , 0 0 0 ▁for ▁single ▁fil ers ▁and ▁$ 2 , 5 0 0 ▁for ▁married ▁cou ples ▁and ▁heads ▁of ▁family . ▁A ▁$ 4 0 0 ▁exem ption ▁for ▁each ▁dependent ▁under ▁ 1 8 . ▁ ▁G ift ▁Tax ▁The ▁Act