The

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

Revenue Act of 1945, Public Law 214, 59 Stat. 556 (Nov. 8, 1945), repealed the excess profits tax, reduced individual

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

rates (the top rate fell from 94 percent to 86.45 percent), and reduced corporate tax rates (the top rate dropped from 40 percent to 38 percent).

References

External links

Full text of the Act
United States federal taxation legislation 1945 in law {{US-fed-statute-stub