Foreign Weapons and Obscure Builds V3

Preparedness Depot in Acworth, GA

Axeman

If you can’t laugh at yourself you’re FUKT!!!
Kalash Klub
Lifetime Supporter
Dec 5, 2016
7,679
36,680
113
Goat Rodeo Clown
Zip code
30188

3x

Sasquatch
Site Supporter
Kalash Klub
Oct 14, 2019
13,970
71,126
113
The Diddle Shack
Zip code
30316
Sorry I haven't been around much lately guys. Things have been depressingly challenging here for a few weeks. @Axeman has been trying to check in on us & I've been too stressed to even answer. (I'll call soon, my friend.) I'm just struggling to keep above water right now.

Taxes :mad:

My input below s going mostly off memory. Please feel free to correct any errors.

I'll start with 1942, since it actually was an income tax. I'll talk about the 1774 stuff in another post.

The Revenue Act of 1942 (Oct. 21, 1942), increased individual income tax rates, increased corporate tax rates (top rate rose from 31% to 40%), & reduced the personal exemption amount from $1,500 to $1,200 (married couples). The exemption amount for each dependent was reduced from $400 to $350.

A normal tax (6%) & a surtax were levied against the net income of individuals. Grabbed the following table of individual rates off the interwebs:

Revenue Act of 1942 Normal Tax and Surtax on Individuals
Net Income (dollars)Normal Rate (%)Surtax Rate (%)Combined Rate (%)
061319
2,00061622
4,00062026
6,00062430
8,00062834
10,00063238
12,00063642
14,00064046
16,00064349
18,00064652
20,00064955
22,00065258
26,00065561
32,00065864
38,00066167
44,00066369
50,00066672
60,00066975
70,00067279
80,00067582
90,00067784
100,00067985
150,00068187
200,00068288

A 5% Victory tax on all individual incomes over $624 was also created, with postwar credit.

A normal tax was levied on the net income of corporations as shown in the following table:

Revenue Act of 1942 Normal Tax on Corporations
Net Income (dollars)Rate (percent)
024
25,00031

A surtax was levied on the corporation surtax net income (net income less allowances &exemptions) of corporations as shown in the following table:

Revenue Act of 1942 Surtax on Corporations
Corporation Surtax Net Income (dollars)Rate (percent)
010
25,00022
50,00016

In addition, the 35-60% graduated rate schedule for "excess profits" tax was replaced with a flat 90% rate.
Its no wonder that rich people back in the day built universities, hospitals, museums, and other ventures to avoid paying such high taxes.