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 |
|||
| 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:
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (1729–1797)
“Let ... individuals make the most of what God has given them, have their neighbors do the same, and then do all they can to serve each other. There is no use in one man, or one nation, to try to do or be everything. It is a good thing to be dependent on each other for something, it makes us civil and peaceable.”
—Sojourner Truth (c. 1797–1883)