(The Revenue Act of 1942 would raise this tax rate on income above $200,000...
Citations (1)
- All the Presidents' Bankers: The Hidden Alliances That Drive American Power whole source · open book
(The Revenue Act of 1942 would raise this tax rate on income above $200,000 to 82 percent and increase the top rate of corporate taxes from 31 percent to 40 percent to help fund the war. The Individual Income Tax Act of 1944 went further, raising the top-bracket tax rate to 94 percent.
chapter: Chapter 7: The Mid- to Late 1930s: Policing Wall Street, World War II