Revenue Act of 1940

Revenue Act of 1940

The Revenue Act of 1940 temporarily and permanently increased individual income tax rates, temporarily and permanently increased corporate tax rates (top rate rose from 19% to 22.1%), and temporarily increased most excise tax rates to 30-50%.

The personal exemption fell from $2,500 to $2,000 (married couples).

Inflation-adjusted numbers

[ Corrected for inflation] by CPI:

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