The United StatesExcess Profits Tax of 1950 created a temporary excess profits tax of 30 percent up through June 30, 1953. June 30 is the 181st day of the year (182nd in leap years) in the Gregorian Calendar, with 184 days remaining, as the last day in June. ... 1953 is a common year starting on Thursday. ...
Additionally, the top corporate tax rate rose from 45 percent to 47 percent. Corporate tax refers to direct taxes charged by various jurisdictions on the profits made by companies or associations. ...
1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | Taxation in the United States is a complex system which may involve payments to at least four different levels of government: Local government, possibly including one or more of municipal, township, district and county governments Regional entities such as school, utility and transit districts State government Federal government The federal... The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from... The Revenue Act of 1862 was passed by the United States Congress during the Civil War. ... The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ... Revenue Act of 1913 - Wikipedia /**/ @import /skins/monobook/IE50Fixes. ... The United States Revenue Act of 1916 raised the lowest income tax rate from 1 percent to 2 percent and raised the top rate to 15 percent on taxpayers with incomes above $2 million. ... The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. ... The United States Revenue Act of 1926 reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns. ... The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ... The Current Tax Payment Act of 1943 introduced the concept of income tax withholding in the United States. ... The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them... The United States Tax Equity and Fiscal Responsibility Act of 1982 rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before. ... The Consolidated Omnibus Budget Reconciliation Act is U.S federal legislation from 1986 which gives workers who lose their health care benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. ... President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90) was designed to reduce the United States federal budget deficit. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ... The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Job Creation and Worker Assistance Act of 2002 increased carryback of net operating losses to 5 years (through September 2003), extended the exception under Subpart F for active financing income (through 2006), and created 30 percent expensing for certain capital asset purchases (through September 2004). ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ...
The corporate income tax rate was slightly higher at the end of the decade than at the beginning, but the overall corporate burden was reduced as a result of the increase in the surtax exemption and the repeal of the war-excess profits and capital stock taxes.
Income and profittaxes in 1920 were nearly $4 billion and declined to $1.7 billion in 1923.
The sharp increases in tax rates, the reductions in personal exemptions, and the levying of the excessprofitstax raised income (and profits) tax revenues from a 1940 level of $2 billion to over $35 billion in 1945.
These taxes are called direct taxes because they are a recurring tax paid directly by the taxpayer to the government based on the value of the item that is the basis for the tax.
Proposals to reinstate the income tax were introduced by Congressmen from agricultural areas whose constituents feared a Federal tax on property, especially on land, as a replacement for the excises.
Tax cuts following the war reduced the Federal tax burden as a share of GDP from its wartime high of 20.9 percent in 1944 to 14.4 percent in 1950.