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Revenue Act Of 1941
The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent) and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to 31 percent). Some excise taxes were temporarily increased (on alcohol, tires, etc.) and the personal exemption fell from $2,000 to $1,500 (for married couples). Tax on corporations Normal tax A Normal Tax was levied on the net income In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, a ... of corporations as shown in the following table. Surtax on Corporation A Surtax was levied on the corporation surtax net income (i.e., net income less allowances and exemptions) of corporations ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excess Profits Tax
In the United States, an excess profits tax is a tax on any profit above a certain amount. A predominantly wartime fiscal instrument, the tax was designed primarily to capture wartime profits that exceeded normal peacetime profits to prevent perverse incentives for manufacturers to engage in war profiteering and warmongering. History United Kingdom In Great Britain in World War I, the Treasury rejected proposals for a stiff capital levy, which the Labour Party wanted to use to weaken the capitalists. Instead, there was an excess profits tax, of 50 percent of profits above the normal prewar level; the rate was raised to 80 percent in 1917.Mark Billings and Lynne Oats, "Innovation and pragmatism in tax design: Excess Profits Duty in the UK during the First World War." ''Accounting History Review'' 24#2-3 (2014): 83-101. Excise taxes were added on luxury imports such as automobiles, clocks and watches. There was no sales tax or value added tax at this time in Britain. United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Income
In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period. It is computed as the residual of all revenues and gains less all expenses and losses for the period,Stickney, et al. (2009) Financial Accounting: An Introduction to Concepts, Methods, and Uses. Cengage Learning and has also been defined as the net increase in shareholders' equity that results from a company's operations.Needles, et al. (2010) Financial Accounting. Cengage Learning. It is different from gross income, which only deducts the cost of goods sold from revenue. For households and individuals, net income refers to the (gross) income minus taxes and other deductions (e.g. mandatory pension contributions). Definition Net income can be distributed among holders of common stock as a dividend or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Taxation Legislation
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