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 ...

Second Revenue Act of 1940 created a corporate excess profits tax (top rate 50%) and increased corporate tax rates (top rate from 33% to 35%).

Tax on corporations

Normal tax

A Normal Tax was levied on the net income of corporations as shown in the following table.

Excess Profits Tax

A Excess Profits Tax was levied on the excess profits net income (i.e., net income less allowances and exemptions) of corporations as shown in the following table. * An exemption of $5,000 is allowed, and also an "excess profits credit" and "unused excess profits credit."

References

{{US_tax_acts United States federal taxation legislation 1940 in American law 76th United States Congress United States federal legislation articles without infoboxes