. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ^ percent, 14 percent, and 16 percent. Underthe Revenue Act of 1941, effective in the calendar year 1941, thecorporation normal tax rate was 24 percent for corporations withnormal-tax net incomes in excess of $25,000, and corporations with 6 REPORT OF THE SECRETARY OF THE TREASURY normal-tax net incomes of $25,000 or less were taxed at graduated ratesof 15 percent, 17 percent, and 19 percent. In addition, in 1941, the RECEIPTS, ■ FISCAL YEARS 1935 TO 1942. CLASSIFIED BY MAJOR SOURCES. 1935 1936 194-
. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ^ percent, 14 percent, and 16 percent. Underthe Revenue Act of 1941, effective in the calendar year 1941, thecorporation normal tax rate was 24 percent for corporations withnormal-tax net incomes in excess of $25,000, and corporations with 6 REPORT OF THE SECRETARY OF THE TREASURY normal-tax net incomes of $25,000 or less were taxed at graduated ratesof 15 percent, 17 percent, and 19 percent. In addition, in 1941, the RECEIPTS, ■ FISCAL YEARS 1935 TO 1942. CLASSIFIED BY MAJOR SOURCES. 1935 1936 194-1 1942 1937 1933 1939 1940 FISCAL VFARSChart trust accounts and net appropriation to the Federal old-age and survivors insurance trustfund. corporation surtax imposed a levy of 6 percent on surtax net incomenot over $25,000 and a levy of 7 percent on surtax net income over$25,000. No such surtax was effective in the calendar year 1939. REPORT OF THE SECRETARY OF THE TREASURY 7 The effect of much greater business activity in the calendar year1941 compared with the calendar year 1939 was offset to some extentby the allowance of the excess profits tax imposed by the RevenueAct of 1941 as a deduction in computing normal tax and surtax netincome and the allowance of a 2-year operating loss carryover de-duction. No such excess profits tax existed in the calendar year1939 and no operating loss carryover was allowed in computing netincome. Corporation excess profits tax receipts in the fiscal year 1942amounted to $1, millions, an increase of $1, millions or8
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