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Tax Legislation

Major Enacted Tax Legislation, 1950-1959


Internal Revenue Code of 1954

  • Corporate Tax Rates. Temporarily extended 5 percentage point increase in corporate tax rates through 3/31/55.
  • Depreciation Deductions. Increased depreciation deductions by providing additional depreciation schedules.
  • Dividend Tax Credit. Created 4% dividend tax credit for individuals.

Excise Tax Reduction Act of 1954

  • Excise Tax Increases. Temporarily extended 1951 excise tax increases through 3/31/55.
  • Excise Tax Rates. Reduced excise tax rates on telephones, admissions, jewelry, etc.

Revenue Act of 1951

  • Individual Income Tax. Temporarily increased individual income tax rates through 1953.
  • Corporate Tax. Temporarily increased corporate tax rates 5 percentage points through 3/31/54.
  • Excise Taxes. Temporarily increased excise taxes on alcohol, tobacco, gasoline, and autos through 3/31/54.

Revenue Act of 1950

  • Individual Income Tax. Eliminated portion of the individual income tax rate reductions from 1945 and 1948 acts.
  • Corporate Tax. Eliminated 53% corporate tax rate "bubble"; increased top corporate rate from 38% to 45%.

Excess Profits Tax of 1950

  • Corporate Tax Rate. Increased top corporate tax rate from 45% to 47%.
  • Excess Profits Tax. Created temporary excess profits tax of 30% through 6/30/53.