Revenue Act of 1951
Encyclopedia
The United States
Revenue Act of 1951 temporarily increased individual income tax
rates through 1953, and temporarily raised corporate tax
rates 5 percentage points through March 31, 1954.
Excise taxes on alcohol
, tobacco
, gasoline
, and automobiles were also temporarily increased through March 31, 1954.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Revenue Act of 1951 temporarily increased individual income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
rates through 1953, and temporarily raised corporate tax
Corporate tax
Many countries impose corporate tax or company tax on the income or capital of some types of legal entities. A similar tax may be imposed at state or lower levels. The taxes may also be referred to as income tax or capital tax. Entities treated as partnerships are generally not taxed at the...
rates 5 percentage points through March 31, 1954.
Excise taxes on 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....
, tobacco
Tobacco
Tobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines...
, gasoline
Gasoline
Gasoline , or petrol , is a toxic, translucent, petroleum-derived liquid that is primarily used as a fuel in internal combustion engines. It consists mostly of organic compounds obtained by the fractional distillation of petroleum, enhanced with a variety of additives. Some gasolines also contain...
, and automobiles were also temporarily increased through March 31, 1954.