Revenue Act of 1945
Encyclopedia
The United States
Revenue Act of 1945 repealed the excess profits tax
, reduced individual 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).
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Revenue Act of 1945 repealed the excess profits tax
Excess profits tax
In the United States, an excess profits tax is a tax, some say excise 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 income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
rates (the top rate fell from 94 percent to 86.45 percent), and reduced corporate tax
Corporate tax
Many countries impose corporate tax or company tax on the income or capital of some types of legal entities. A similar tax may be imposed at state or lower levels. The taxes may also be referred to as income tax or capital tax. Entities treated as partnerships are generally not taxed at the...
rates (the top rate dropped from 40 percent to 38 percent).