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Special Preparedness Fund Act Of 1917
The Special Preparedness Fund Act of 1917 provided for a "special preparedness fund for army, navy, and fortification purposes" through an excess profits tax on corporations and partnerships equal to 8% of the amount by which their net income exceeded $5,000 plus 8% of the "actual capital Capital may refer to: Common uses * Capital city, a municipality of primary status ** List of national capital cities * Capital letter, an upper-case letter Economics and social sciences * Capital (economics), the durable produced goods used f ... invested." 1917 in American law United States tax law United States federal legislation {{US-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Army
An army (from Old French ''armee'', itself derived from the Latin verb ''armāre'', meaning "to arm", and related to the Latin noun ''arma'', meaning "arms" or "weapons"), ground force or land force is a fighting force that fights primarily on land. In the broadest sense, it is the land-based military branch, service branch or armed service of a nation or country. It may also include aviation assets by possessing an army aviation component. Within a national military force, the word army may also mean a field army. In some countries, such as France and China, the term "army", especially in its plural form "armies", has the broader meaning of armed forces as a whole, while retaining the colloquial sense of land forces. To differentiate the colloquial army from the formal concept of military force, the term is qualified, for example in France the land force is called ''Armée de terre'', meaning Land Army, and the air and space force is called ''Armée de l'Air et de l’Esp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Navy
A navy, naval force, or maritime force is the branch of a nation's armed forces principally designated for naval warfare, naval and amphibious warfare; namely, lake-borne, riverine, littoral zone, littoral, or ocean-borne combat operations and related functions. It includes anything conducted by surface Naval ship, ships, amphibious warfare, amphibious ships, submarines, and seaborne naval aviation, aviation, as well as ancillary support, communications, training, and other fields. The strategic offensive role of a navy is Power projection, projection of force into areas beyond a country's shores (for example, to protect Sea lane, sea-lanes, deter or confront piracy, ferry troops, or attack other navies, ports, or shore installations). The strategic defensive purpose of a navy is to frustrate seaborne projection-of-force by enemies. The strategic task of the navy also may incorporate nuclear deterrence by use of submarine-launched ballistic missiles. Naval operations can be broa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fortification
A fortification is a military construction or building designed for the defense of territories in warfare, and is also used to establish rule in a region during peacetime. The term is derived from Latin ''fortis'' ("strong") and ''facere'' ("to make"). From very early history to modern times, defensive walls have often been necessary for cities to survive in an ever-changing world of invasion and conquest. Some settlements in the Indus Valley civilization were the first small cities to be fortified. In ancient Greece, large stone walls had been built in Mycenaean Greece, such as the ancient site of Mycenae (famous for the huge stone blocks of its 'cyclopean' walls). A Greek '' phrourion'' was a fortified collection of buildings used as a military garrison, and is the equivalent of the Roman castellum or English fortress. These constructions mainly served the purpose of a watch tower, to guard certain roads, passes, and borders. Though smaller than a real fortress, they act ... [...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] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non-fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1917 In American Law
Events Below, the events of World War I have the "WWI" prefix. January * January 9 – WWI – Battle of Rafa: The last substantial Ottoman Army garrison on the Sinai Peninsula is captured by the Egyptian Expeditionary Force's Desert Column. * January 10 – Imperial Trans-Antarctic Expedition: Seven survivors of the Ross Sea party were rescued after being stranded for several months. * January 11 – Unknown saboteurs set off the Kingsland Explosion at Kingsland (modern-day Lyndhurst, New Jersey), one of the events leading to United States involvement in WWI. * January 16 – The Virgin Islands, Danish West Indies is sold to the United States for $25 million. * January 22 – WWI: United States President Woodrow Wilson calls for "peace without victory" in Germany. * January 25 ** WWI: British armed merchantman is sunk by mines off Lough Swilly (Ireland), with the loss of 354 of the 475 aboard. ** An anti-prostitution drive in Prostitution in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Tax Law
The United States of America has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. The United States had the seventh-lowest tax revenue-to-GDP ratio among OECD countries in 2020, with a higher ratio than Mexico, Colombia, Chile, Ireland, Costa Rica, and Turkey. Taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others. For example, individual spending on higher education can be said to be "taxed" at a high rate, compared to other forms of personal expenditure which are formally recognized as investments. Taxes are imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
