The United States Second Revenue Act of 1940 created a corporate excess profits tax (top rate 50%) and increased corporate tax rates (top rate from 33% to 35%).
Contents
Normal tax
A Normal Tax was levied on the net income of corporations as shown in the following table.
Excess Profits Tax
A Excess Profits Tax was levied on the excess profits net income (i.e., net income less allowances and exemptions) of corporations as shown in the following table.
References
Second Revenue Act of 1940 Wikipedia(Text) CC BY-SA