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 (top rate rose from 50 to 60 percent) and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to 31 percent).
Some excise taxes were temporarily increased (on alcohol, tires, etc.) and the personal exemption fell from $2,000 to $1,500 (for married couples).
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