Tax On Individuals
A normal tax and a surtax were levied against the net income of individuals as shown in the following table.
| Revenue Act of 1940 Normal Tax and Surtax on Individuals 53 Stat. 5 |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 4 | 0 | 4 |
| 4,000 | 4 | 4 | 8 |
| 6,000 | 4 | 6 | 10 |
| 8,000 | 4 | 8 | 12 |
| 10,000 | 4 | 10 | 14 |
| 12,000 | 4 | 12 | 16 |
| 14,000 | 4 | 15 | 19 |
| 16,000 | 4 | 18 | 22 |
| 18,000 | 4 | 21 | 25 |
| 20,000 | 4 | 24 | 28 |
| 22,000 | 4 | 27 | 31 |
| 26,000 | 4 | 30 | 34 |
| 32,000 | 4 | 33 | 37 |
| 38,000 | 4 | 36 | 40 |
| 44,000 | 4 | 40 | 44 |
| 50,000 | 4 | 44 | 48 |
| 60,000 | 4 | 47 | 51 |
| 70,000 | 4 | 50 | 54 |
| 80,000 | 4 | 53 | 57 |
| 90,000 | 4 | 56 | 60 |
| 100,000 | 4 | 58 | 62 |
| 150,000 | 4 | 60 | 64 |
| 200,000 | 4 | 62 | 66 |
| 250,000 | 4 | 64 | 68 |
| 300,000 | 4 | 66 | 70 |
| 400,000 | 4 | 68 | 72 |
| 500,000 | 4 | 70 | 74 |
| 750,000 | 4 | 72 | 76 |
| 1,000,000 | 4 | 73 | 77 |
| 2,000,000 | 4 | 74 | 78 |
| 5,000,000 | 4 | 75 | 79 |
- Exemption of $800 for single filers and $2,000 for married couples and heads of family. A $400 exemption for each dependent under 18.
Read more about this topic: Revenue Act Of 1940
Famous quotes containing the words tax on, tax and/or individuals:
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“Parents are used to being made to feel guilty about...their contribution to the population problem, the school tax burden, and declining test scores. They expect to be blamed by teachers and psychologists, if not by police. And they will be blamed by the children themselves. It is hardy a wonder, then, that they withdraw into what used to be called “permissiveness” but is really neglect.”
—C. John Sommerville (20th century)
“Africa is a paradox which illustrates and highlights neo-colonialism. Her earth is rich, yet the products that come from above and below the soil continue to enrich, not Africans predominantly, but groups and individuals who operate to Africa’s impoverishment.”
—Kwame Nkrumah (1900–1972)