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 and increased corporate tax rates 6-7 percentage points.
Some excise taxes were temporarily increased and the personal exemption fell from $2,000 to $1,500.Tax on corporations
A Normal Tax was levied on the net income of corporations as shown in the following table.Surtax on Corporation
A Surtax was levied on the corporation surtax net income of corporations as shown in the following table.Tax on individuals
A normal tax and a surtax were levied against the net income of individuals as shown in the following table.
- Exemption of $750 for single filers and $1,500 for married couples and heads of family. A $400 exemption for each dependent under 18.
