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The Federal Revenue Act of 19421

Author

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  • Blakey, Roy G.
  • Blakey, Gladys C.

Abstract

The Revenue Act of 1942 marks a new high in American finance; in fact, it reaches a new high for any country. According to official estimates, which vary somewhat, in a full year of operation the new law will increase federal tax revenues by 7 or 8 billion dollars to 24 or 26 billion dollars. This is about 50 per cent more than would have been received if the existing law had not been changed, and four times as much as the greatest tax measure of World War I. Eightelevenths of the estimated increase is to come from income taxes on individuals; two-elevenths from taxes on incomes of corporations; and nearly one-eleventh from excises on liquor, tobacco, freight charges, etc. (See Table 4).

Suggested Citation

  • Blakey, Roy G. & Blakey, Gladys C., 1942. "The Federal Revenue Act of 19421," American Political Science Review, Cambridge University Press, vol. 36(6), pages 1069-1082, December.
    • Handle: RePEc:cup:apsrev:v:36:y:1942:i:06:p:1069-1082_04
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