The United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 Revenue Act of 1950 eliminated a portion of the 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...

 rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate

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...

 from 38 percent to 45 percent.

This act changed the law regarding tax exempt organizations. It introduced the concept of Unrelated Business Income Tax

Unrelated Business Income Tax

Unrelated Business Income Tax in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 USCA 501 organization that is not related to the tax-exempt purpose of that organization....

, denied exemption to certain foundations and trusts, and denied deductions to donors of some organization which failed to meet certain standards.