Revenue Act of 1943
Encyclopedia
The United States
Revenue Act of 1943 increased federal
excise
taxes on, among other things, alcohol
, jewelry, telephone
s, and admission
s, and raised the excess profits tax
rate from 90 % to 95 %.
The 5 % Victory Tax was lowered to 3 %, and the postwar credit repealed.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Revenue Act of 1943 increased federal
Federal government of the United States
The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...
excise
Excise
Excise tax in the United States is a indirect tax on listed items. Excise taxes can be and are made by federal, state and local governments and are far from uniform throughout the United States...
taxes on, among other things, alcohol
Alcohol
In chemistry, an alcohol is an organic compound in which the hydroxy functional group is bound to a carbon atom. In particular, this carbon center should be saturated, having single bonds to three other atoms....
, jewelry, telephone
Telephone
The telephone , colloquially referred to as a phone, is a telecommunications device that transmits and receives sounds, usually the human voice. Telephones are a point-to-point communication system whose most basic function is to allow two people separated by large distances to talk to each other...
s, and admission
Admission
Admission may refer to:*Admission to an event or establishment*University and college admissions*Admission , a statement that may be used in court against the person making it...
s, and raised the excess profits tax
Excess profits tax
In the United States, an excess profits tax is a tax, some say excise tax, on any profit above a certain amount. A predominantly wartime fiscal instrument, the tax was designed primarily to capture wartime profits that exceeded normal peacetime profits....
rate from 90 % to 95 %.
The 5 % Victory Tax was lowered to 3 %, and the postwar credit repealed.