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 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)
“If the individuals who compose the purest circles of aristocracy in Europe, the guarded blood of centuries, should pass in review, in such manner as that we could, at leisure, and critically inspect their behavior, we might find no gentleman, and no lady; for, although excellent specimens of courtesy and high-breeding would gratify us in the assemblage, in the particulars, we should detect offence. Because, elegance comes of no breeding, but of birth.”
—Ralph Waldo Emerson (1803–1882)