Revenue Act of 1940

Revenue Act of 1940
Long titleAn Act to provide for the expenses of national preparedness by raising revenue and issuing bonds, to provide a method for paying for such bonds, and for other purposes.
Enacted bythe 76th United States Congress
Citations
Public lawPub. L. 76–656
Statutes at Large54 Stat. 516
Codification
Acts amendedInternal Revenue Code of 1939
Titles amendedTitle 26 of the United States Code
Legislative history
  • Introduced in the House as H.R. 10413 by Rep. Robert L. Doughton (D–NC) on May 29, 1940
  • Committee consideration by House Ways and Means; Senate Finance
  • Passed the House on June 3, 1940 
  • Passed the Senate on June 13, 1940 
  • Signed into law by President Franklin D. Roosevelt on June 25, 1940

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).

This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.