Revenue Act of 1941

The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent) and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to 31 percent). ^[1]

2 relations: Excess profits tax, Net income.

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.

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Net income

In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.

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References

[1] https://en.wikipedia.org/wiki/Revenue_Act_of_1941

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