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Revenue Act of 1945

 

 
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Revenue Act of 1945
 
 
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The United States
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
 Revenue Act of 1945 repealed the excess profits tax
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....
, reduced individual income tax
Income tax

An income tax is a tax levied on the financial income of people, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence....
 rates (the top rate fell from 94 percent to 86.45 percent), and reduced corporate tax
Corporate tax

Corporate tax refers to a tax levied by various jurisdictions on the profits made by Company or Voluntary association. It is a tax on the value of the corporation?s profits....
 rates (the top rate dropped from 40 percent to 38 percent).








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The United States
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
 Revenue Act of 1945 repealed the excess profits tax
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....
, reduced individual income tax
Income tax

An income tax is a tax levied on the financial income of people, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence....
 rates (the top rate fell from 94 percent to 86.45 percent), and reduced corporate tax
Corporate tax

Corporate tax refers to a tax levied by various jurisdictions on the profits made by Company or Voluntary association. It is a tax on the value of the corporation?s profits....
 rates (the top rate dropped from 40 percent to 38 percent).