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Contents

   



(Top)
 


1 Tax on corporations  



1.1  Normal tax  







2 Tax on individuals  





3 References  














Revenue Act of 1940







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From Wikipedia, the free encyclopedia
 


The Revenue Act of 1940 permanently increased individual income tax rates in the United States, permanently increased corporate tax rates from 19% to 33% and temporarily increased most excise tax rates to 30-50%. The personal exemption fell from $2,500 to $2,000 (married couples).

Tax on corporations[edit]

Normal tax[edit]

A Normal Tax was levied on the net incomeofcorporations as shown in the following table.

Revenue Act of 1940
Tax on Corporations

53 Stat. 863 [1]

Net Income
(dollars)
Rate
(percent)
0 19
25,000 33

Tax on individuals[edit]

A normal tax and a surtax were levied against the net income of individuals as shown in the following table.

Revenue Act of 1940
Normal Tax and Surtax on Individuals

53 Stat. 5 [2]

Net Income
(dollars)
Normal Rate
(percent)
Surtax Rate
(percent)
Combined Rate
(percent)
0 4 0 4
4,000 4 4 8
6,000 4 6 10
8,000 4 8 12
10,000 4 10 14
12,000 4 12 16
14,000 4 15 19
16,000 4 18 22
18,000 4 21 25
20,000 4 24 28
22,000 4 27 31
26,000 4 30 34
32,000 4 33 37
38,000 4 36 40
44,000 4 40 44
50,000 4 44 48
60,000 4 47 51
70,000 4 50 54
80,000 4 53 57
90,000 4 56 60
100,000 4 58 62
150,000 4 60 64
200,000 4 62 66
250,000 4 64 68
300,000 4 66 70
400,000 4 68 72
500,000 4 70 74
750,000 4 72 76
1,000,000 4 73 77
2,000,000 4 74 78
5,000,000 4 75 79

References[edit]


Retrieved from "https://en.wikipedia.org/w/index.php?title=Revenue_Act_of_1940&oldid=1223254402"

Categories: 
United States federal taxation legislation
1940 in American law
76th United States Congress
Hidden categories: 
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