Which of the following is true of the Revenue Act passed by Congress in 1932? [Select all that apply.] Which of the following is true of the Revenue Act passed by Congress in 1932? [Select all that apply.] It was the single biggest peacetime tax increase in US history. It reduced the rates for the highest taxpayers from 63% to 25%. It left Hoover's earlier efforts to stimulate the economy through increased consumer spending in shambles. It repealed the Smoot-Hawley Tariff. It eliminated Hoover's demand-side tax cuts