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 1942 Normal Tax and Surtax on Individuals 56 Stat. 802 |
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| Net Income (dollars) |
Normal Rate (percent) |
Surtax Rate (percent) |
Combined Rate (percent) |
| 0 | 6 | 13 | 19 |
| 2,000 | 6 | 16 | 22 |
| 4,000 | 6 | 20 | 26 |
| 6,000 | 6 | 24 | 30 |
| 8,000 | 6 | 28 | 34 |
| 10,000 | 6 | 32 | 38 |
| 12,000 | 6 | 36 | 42 |
| 14,000 | 6 | 40 | 46 |
| 16,000 | 6 | 43 | 49 |
| 18,000 | 6 | 46 | 52 |
| 20,000 | 6 | 49 | 55 |
| 22,000 | 6 | 52 | 58 |
| 26,000 | 6 | 55 | 61 |
| 32,000 | 6 | 58 | 64 |
| 38,000 | 6 | 61 | 67 |
| 44,000 | 6 | 63 | 69 |
| 50,000 | 6 | 66 | 72 |
| 60,000 | 6 | 69 | 75 |
| 70,000 | 6 | 72 | 79 |
| 80,000 | 6 | 75 | 82 |
| 90,000 | 6 | 77 | 84 |
| 100,000 | 6 | 79 | 85 |
| 150,000 | 6 | 81 | 87 |
| 200,000 | 6 | 82 | 88 |
- Exemption of $500 for single filers and $1,200 for married couples and heads of family. A $350 exemption for each dependent under 18.
Read more about this topic: Revenue Act Of 1942
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)
“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)
“Renunciation: that is the great fact we all, individuals and classes, have to learn. In trying to avoid it we bring misery to ourselves and others.”
—Beatrice Potter Webb (1858–1943)