Word: brackets
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Dates: during 1940-1949
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...high-bracket income-tax ceiling has already been reached. If taxation were increased to make a net income of more than ?1,000 impossible, it would yield not more than an additional ?106,000,000 yearly...
...Most of the lower-bracket people are for you because they believe you will keep the U.S. out of the war indefinitely...
...extra revenues provided by lower exemptions, these new taxpayers will contribute a scant $47,000,000. The other $256,000,000 will come from the pockets of the 10,925,000 people who now pay taxes-by lifting their incomes into a higher surtax bracket...
...their $1,382,100,000 contribution, corporations were nicked in two chief ways: 1) 6% was added to normal tax rates; 2) each excess-profits tax bracket was increased 10%. But it was not as simple as that. Some sections of the bill were less like a meat-ax than a complex series of revolving knives...
...average-earnings provision is little changed, gives corporations an excess-profits tax credit equal to average annual earnings in the four years ended 1939. For these concessions, however, Congress exacted a fee-excess-profits taxes were jumped 10% in each bracket, now run from 35% on the first $20,000 of excess profits to 60% on everything over...