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Research Publications RP-19 Table 1 Federal Tax Collections by Sourcea Percentage Distributio n Selected Fiscal Years 1913-196 8 Corpora . Indi• tion vidual Employ income income Excise ment Year Total taxes tax taxes customs taxes Otherb 1913 100.0 - - 46.6 48.1 - 1j - 1917 100.0 20.0 17 .4 39.1 21.8 1 .6 1918 100.0 73.5 20.0 4.6 - 9 _ 1920 100.0 -69.0- 21 .9 ;.5.6 3.4 1925 100.0 32.1 25.7 18.9 17.0 - 6 .4 1928 100.0 38.5 26.3 16.3 , 16.9 - 2. 1 1932 -100.0 33.4 .22.6 24.1 17.4 _ 2. 5 1936 100.0 ' ` -19.3 17.3 39.6 9.9 - 12. 1 _ 1940 100.0 20.0 :17,1 32 .9 `6.1 14.5 9.4 1944 100.0 36.3 -,. .44.9 .11 .0 1 .1 . 4.3 2.5 . .. 1948 100.0 24.0 49.5 17.5 1 .0 5.6 2.5 ; I.- _ ,. .. .. .. 1950 100.0 27.6 43 .5 19 .3 11 6.7 . :1 .8 1952 100.0 32.7 44.6 13.7 .8 6.8 1 .3 1954 100.0 '30.6 46.5 13.5 .8 7.2 1 .4 - 1956 100.0 28.0 46.6 13 .2 0.9 9.6 1 .6 1960 10010 23.9 48.4 12.8 1.2 1118 11 9 1962 100.0 21 .2 50 .4 12 .7 1.2 1 ?.4 2.2 -1964 100.0 21 .4 48.1 12.3 1 .1 14.7 2. 3 1966 10010 23 .6 46.9 10.3 1.4 15.3 2.5 1968 1 00.0 19.2 50.4 9 .2 1 .4 17.8 2. 1 a . Internal revenue collections plus customs and, beginning with 1940, railroad unemployment, insurance 1 act taxes. Detail will not necessarily add to totals because of rounding . b, Chiefly estate and gift and capital stock taxes before 1940 . Thereafter, includes railroad unemployment insurance taxes and unclassified taxes. Source: Treasury Department, countries, This tax was replaced by th e live, it was superseded by the War Rev- excess-profits tax in 1917 , enue Act of October 1917, This act no t only substantially raised ordinary in- The Revenue Act of 1917 (in March ) colne tux rates, but changed the fiat rate included the first excess-profits tax in excess-profits tax into a heavily gradu- U.S . history, but before becoming effec - ated t,- ix on war profits.'" i . The first excess profits tax was levied at 8 percent on profits In excess of 8 percent of invested capital . The "war profits" tax of October 1917 used as it base the average profits of the period 1911-1913, but wit h limitations related to invested capital. Phis tax applied to partnerships and proprietors, as well as to cor. porations, (Ratner, op, cit ., p. 378. ) 20 Although the rates were reduced after Nvhen the normal tax for individuals wa s the end of the war, the excess profits tax reduced to 4 percent. The corporate rate remained in effect through 1921 . wits reduced to 10 percent in 1919 and ;. increased to 121/2 percent in 1922. Thus , While dividends remained exempt the corporation tax began to go its own from the "normal tax" portion of the way as a separate tax, rather than being individual income tax through the 1920's acollection-at-the-source device for a ,and early 1930's, "integration" with the general income tax. While the corpora- corporation tax came to -an end in 1919 tion tax rate .in 1926 `reached 13 .5 per- Table 2 Federal Tax Collections by Sources SelectedFiscal Years 1913-1968 (Millions) Corppora- Inds. tion vidual Employ. income income Excise Mont Year Total tax ;ax taxes customs taxes otheru I ; 1913 $ 663 $35 $ - 309 $ ( 319 _ i 1917 1,035 207 180 .: . 405 - -226 $1 7 I 1918 30879 ----2,852 774 180 72 . ; 7 1920 :51731 , - 3,957 1 1 254 323 - 197 1925 3,132 916 :845 624 548 - 1,99 1928 3,360 1,292 883 547 569 _ 69 A932 1 1886 630 427 454 328 _ 47 ; ;1936 3,907 753 674 1,547 387 (c) 474 1940 5,738 1,148 982 1,885 - 349 .$ 834 540 .. =1944 40,67.1 14,767 18,261 „ 4,464 431 1,738 1,01 3 1948 42,432 10,174 20,998 7,410 422 ` 2,381 1,048 1950 39,396 10,854 17,153 7,598 423 2,645 i23 1952 65,587 21,467 29,274 8,971 551 4,464 860 1954 70,506 21,546 32,814 9,517 562 5,108 959 1956 75,856 21,299 35,338 10,004 705 7,296 1,21 4 1960 92,871 22,179 44,946 11,864 1,123 10,970 1,789 1962 100,546 21,296 50,650 12,752 1,171 12,487 2,193 1964 113,422 24,301 54,590 13,950 1,284 16,723 2,574 1966 130,486 30,834 61,298 13,399 1,811 19,903 3,24 1 1968 155,326) 29,889 78,219 14,312 2,113 27,576 3,21 6 a, Internal revenue collections plus customs and, bpainnina_ with 1940, railroad unemployment insuranc e taxes, Revised series on receipts for 1960 and subsequent years, b . Chiefly estate and gift and capital stock taxes before 1940, Thereafter Includes railroad unemploymen t insurance taxes and unclassified taxes , c, Less than $500,000, Source: Treasury Department, 21 to to Table 3 Federal Corporation Income Tax Rates and Credit s Income Years 1913=1968 Other income tues Revenue Income Specific macaw tax and Act year ,credit surtax ales: Type Credit Matta 1913b 1913-1915 — 1% None _ . ; 1916 1916 — 2% None 1916 $3,000 plus 7% - 9% of invested capital 20% - 60% )} 1917 — 6%c Excess profits $3,000 where no or nominal 1917 1 invested capital 1918 $2,000 12% Excess profits $3,000 plus 8% of invested capital 30% -65%4 War-profits $3 1000 plus (1) average prewar net 200%4 income 10% of the increase o r 1918 decrease In invested capital or plus (2) 10% of invested capital 11919.1920 $2,000 10% Excess profits $3,000 plus 8% of invested capital 20% - 40%0 1921 $2,000 Excess fits Same as 1919, 1920 Same as 1919.1920 1921 1922,1923 $2.000c 12% None 1924 1924 $2,o00t 12.5% None 1925 $2.000= 13% None 1926 1 1926, 1927 $2.o0ot 13.5% - None 1928 $3,000t 12% None 1928 {f 1929 $3.o00t 11°0 None 11930,1931 $3,0001 12% None 1932 1932,1933 — ': 13.75% None NIRA 1933 — Declared value excess profits 12-12% of adjusted declared 596 — value of capital stoc k 1934 1934,1935 13.75% Declared value excess profits Same as 1933 (NIRA) 5% 1935 1 Normal. 8% -15% 10% of adjusted declared value 1936 I 1936, 1937 — Surtax. 7% - 27% Declared value excess profits :of capital stock ' : 6% -12% 1938 1938, 1939 — 12.5%-19%x Declared value excess profits Same as Act of 1935 -1936 6%-12% 1940 1940 ` 14.85% - 24%a Declared value excess profits Same as Act of 1935 -1936 6.6% -13.2%L 1941 1941 ; — Normal: 15% - 24%a - Excess profits 15,0003 25% - 50% Surtax: 6% - 7% -Declared value excess profits Same as Act 1935 -1936 6.6% -13.2%"k 1942 1942, 1943 — Normal : 15% - 24%= Excess profits $5.000) 35% - 60% Surtax: 10% -16% Declared value excess profits Same as Act 1935 -1936 6.6%-13.2%11 1943 1944. 1945 ; — -Normal- 15% - 24% Excess profits _ $5.0001 .. 90% _ Surtax: 10% -16% Declared value excess profits Same as Act 1935 -1936 6.6% -13.2%h :. , Excess Profits $1010001 9596' 1945 1946 - 1949 =" Normal: 15% - 24% None Surtax: 6% -14% 1950 1950 ;-= =Normal: 23% Excess profits: ` $25,000 3096a $25.000 Surtax: 19%m _ (Continued) Table 3 (Continued) = Federal Corporation 7ncomeTax Rates and Credits Income Years 1913-1968 Other Income taxes Revenue Income Specific Normal tax and Type Act year credit surtax ratesa Credit Ratea 1951 — Normal: 28.75% Excess profits 30%Q 1951 J $25,000 Surtax: 22% 11952,19-93 — Normal: 30%r Excess profits 30%t $25,000 Surtax: 22% Internal 1954 -1963° — Normal: 30% None Revenue $25,000 Surtax: 22% Code 1954 j 1964° — Normal: 22% None $25,000 Surtax: 28% 1964 11965,1966- — Normal: 22% None $25,000 Surtax: 26% 1968 1968 $25,000 Normal: 22% Surcharge on normal tax _ 10%R Surtax: 26% and surtax a_ The bases to which the various rates apply vary with the deductions provi- I. Sum of the excess profits tax, normal tax, and surtax was limited to 80% o f sions of the several revenue acts: likewise the brackets to which the rates the surtax net income, computed without the credit for income subject to apply differ with the several revenue acts. In the years 1938 - 1949, the top excess profits tax. marginal rate in some net income brackets exceeded the top rate of the m. The Excess Profits Tax Act of 1950 raised the surtax rate to 22 percent for normal tax plus the top surtax rate shown in the table. : taxable years beginning on or after July 1, 1950 . b. Tariff Act of October 3, 1913 . Tax effective on income for last 10 months of A.
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