Page:United States Statutes at Large Volume 54 Part 1.djvu/550

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PUBLIC LAWS-CH. 419-JUNE 25, 1940 [CHAPTER 419] AN ACT To provide for the expenses of national preparedness by raising revenue and issuing bonds, to provide a method for paying for such bonds, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congres ass embled, TITLE I SEC. 1. SHORT TITLE. Revenue Act of This Act may be cited as the Revenue Act of 1940. 1940. SEC. 2 . SURTAX ON INDIVIDUALS. 53 Stat. 5. 26 U. . c., Supp. V, 12 (b). Rates of surtax. Section 12 (b) of the Internal Revenue Code is amended to read as follows: "(b) RATES OF SURTAx.-There shall be levied, collected, and paid for each taxable year upon the surtax net income of every individual a surtax as follows: "Upon a surtax net income of $4,000 there shall be no surtax; upon surtax net incomes in excess of $4,000 and not in excess of $6,000, 4 per centum of such excess. "$80 upon surtax net incomes of $6,000; and upon surtax net incomes in excess of $6,000 and not in excess of $8,000, 6 per centum in addition of such excess. "$200 upon surtax net incomes of $8,000; and upon surtax net incomes in excess of $8,000 and not in excess of $10,000, 8 per centum in addition of such excess. "$360 upon surtax net incomes of $10,000; and upon surtax net incomes in excess of $10,000 and not in excess of $12,000, 10 per centum in addition of such excess. "$560 upon surtax net incomes of $12,000; and upon surtax net incomes in excess of $12,000 and not in excess of $14,000, 12 per centum in addition of such excess. "$800 upon surtax net incomes of $14,000; and upon surtax net incomes in excess of $14,000 and not in excess of $16,000, 15 per centum in addition of such excess. "$1,100 upon surtax net incomes of $16,000; and upon surtax net incomes in excess of $16,000 and not in excess of $18,000, 18 per centum in addition of such excess. "$1,460 upon surtax net incomes of $18,000; and upon surtax net incomes in excess of $18,000 and not in excess of $20,000, 21 per centum in addition of such excess. "$1,880 upon surtax net incomes of $20,000; and upon surtax net incomes in excess of $20,000 and not in excess of $22,000, 24 per centum in addition of such excess. "$2,360 upon surtax net incomes of $22,000; and upon surtax net incomes in excess of $22,000 and not in excess of $26,000, 27 per centum in addition of such excess. "$3,440 upon surtax net incomes of $26,000; and upon surtax net incomes in excess of $26,000 and not in excess of $32,000, 30 per centum in addition of such excess. '$5240 upon surtax net incomes of $32,000; and upon surtax net incomes in excess of $32,000 and not in excess of $38,000, 33 per centum in addition of such excess. "$7,220 upon surtax net incomes of $38,000; and upon surtax net incomes in excess of $38,000 and not in excess of $44,000, 36 per centum in addition of such excess. June 26, 1940 [H. R. 10039] [Public, No. 656] [54 STAT.