Second Revenue Act of 1940
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%).
Tax on corporations
Normal tax
A Normal Tax was levied on the net income of corporations as shown in the following table.
| Second Revenue Act of 1940 Normal Tax on Corporations | |||
| Net Income (dollars) |
Rate (percent) | ||
| 0 | 22.1 | ||
| 25,000 | 35 | ||
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.
| Second Revenue Act of 1940 Excess Profits Tax on Corporations | |||
| Adjusted Excess Profits Net Income (dollars) |
Rate (percent) | ||
| 0 | 25 | ||
| 25,000 | 33 | ||
| 50,000 | 35 | ||
| 100,000 | 40 | ||
| 250,000 | 45 | ||
| 500,000 | 50 | ||
- An exemption of $5,000 is allowed, and also an "excess profits credit" and "unused excess profits credit."
gollark: Basically, your simple English description of what you want implicitly assumes a bunch of human knowledge - *specialized expert* human knowledge, even - which would require vast amounts of difficult development to get in an AI.
gollark: Oh, and if it's a paper it might not even come with code or it might be really awful code, yes.
gollark: The code/paper you find isn't going to be conveniently usable by just downloading it and copypasting it into your AI's code or something. You'll probably have to actually understand how it works, yet another unfathomable general intelligence task, figure out how it interfaces with the rest of the code or if it can even be used together at all, and possibly rewrite it entirely to fit with what you need.
gollark: "Pluck it out" is also easy to say, but it's actually even harder.
gollark: "Find useful stuff" also sounds pleasantly easy, but it's *not*. Even a human reading a repository or paper may struggle to find "useful" bits; reasoning about the relevance of a new set of information or methods for a project is a difficult general intelligence task.
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