• Source: Second Revenue Act of 1940

The United States Second Revenue Act of 1940 created a corporate excess profits tax (top rate 50%) and increased corporate tax rates (top rate from 33% to 35%).




Tax on corporations






= Normal tax

=
A Normal Tax was levied on the net income of corporations as shown in the following table.




= Excess Profits Tax

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A Excess Profits Tax was levied on the excess profits net income (i.e., net income less allowances and exemptions) of corporations as shown in the following table.

An exemption of $5,000 is allowed, and also an "excess profits credit" and "unused excess profits credit."




References

Kata Kunci Pencarian:

• Kota New York
• Kamala Harris
• John F. Kennedy
• Second Revenue Act of 1940
• Townshend Acts
• List of United States federal legislation, 1901–2001
• Amendments to the Internal Revenue Laws of the United States
• New Deal
• Cullen–Harrison Act
• Revenue stamps of the United States
• Reagan tax cuts
• Smoot–Hawley Tariff Act
• Inland Revenue Repeal Act 1870