Revenue Act of 1940
United States federal income tax legislation
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
Normal tax
A Normal Tax was levied on the net income of corporations 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
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 |
- An exemption of $800 for single filers and $2,000 for married couples and heads of family was allowed, as was a $400 exemption for each dependent under 18.
References
- v
- t
- e
Revenue
- 1861
- 1862
- 1864
- 1894
- 1909
- 1913
- 1914
- 1916
- 1917
- 1918
- 1921
- 1924
- 1926
- 1928
- 1932
- 1934
- 1935
- 1936
- 1937
- 1939 Code
- 1940
- 1940 (2nd)
- 1941
- 1942
- 1943
- 1943
- 1944
- 1945
- 1948
- 1950
- 1950
- 1951
- 1954
- 1954 Code
- 1962
- 1964
- 1966
- 1968
- 1969
- 1971
- 1975
- 1976
- 1977
- 1978
- 1980
- 1981
- 1982
- Gas Tax
- 1983 (PL 98-67)
- 1983 (PL 98-76)
- 1984
- COBRA
- 1986
- 1986 Code
- 1987
- 1988
- 1990
- 1993
- 1996
- 1997
- 1998
- 2001 (EGTRRA)
- 2002
- 2003
- 2004
- 2005
- 2006
- 2006
- 2007
- 2007 (Mortgage)
- 2008
- Crisis
- 2009
- 2010 (ACA)
- 2010 (PL 111–240)
- 2010 (PL 111-312)
- 2011
- 2012 (ATRA)
- 2012
- 2014
- 2015 (BBA)
- 2016
- 2017 (TCJA)
- 2018 (BBA)
- 2018 (Appropriations)
- 2019 (SECURE)
- 2020 (Families First)
- 2020 (CARES)
- 2020 (Appropriations)
- 2021 (Defense Authorization)
- 2021 (American Rescue Plan)
- 2021 (Infrastructure, PL 117–58)
- 1789: Hamilton I
- 1790: Hamilton II
- 1791: Hamilton III
- 1792: Hamilton IV
- 1816: Dallas
- 1824: Sectional
- 1828: "Abominations"
- 1832
- 1833: Compromise
- 1842: Black
- 1846: Walker
- 1857
- 1861: Morrill
- 1872
- 1875
- 1883: Mongrel
- 1890: McKinley
- 1894: Wilson–Gorman
- 1897: Dingley
- 1909: Payne–Aldrich
- 1913: Underwood
- 1921: Emergency
- 1922: Fordney–McCumber
- 1930: Smoot–Hawley
- 1934: Reciprocal
- 1948: GATT
- 1962
- 1974/75
- 1979
- 1984
- 1988
- 1988: Canada FT
- 1993: NAFTA
- 1994: WTO
- 2018/2019: Trump