Democratic (socialist/fascist) de facto President Franklin Roosevelt, Esq., signs the Second Revenue Act of 1940,
- Increasing the lowest corporate rate from 19% to 22.1% on the first 25,000 “dollars” earned;
- Increasing the highest corporate rate on amounts earned over 40,000 “dollars” from 33% to 35% on amounts earned over 25,000 “dollars”; and
- Re-establishing the tax on “excess” corporate profits of 25% on the 25,000 “dollars” ranging to 50% on amounts earned over 500,000 “dollars.”
Question: How does one define how much profit is “excessive?”
NOTES:
- This is the further realization of plank number two of the Communist Manifesto by Karl Marx.
- As an attorney (Officer of the Court) Roosevelt was ineligible to serve in two branches of government at the same time, according to Article I, Section 6 [Clause 2].
[updated 5/3/2025] Thanks to Bill Holmes for this entry.
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Encyclopedia of Banking and Finance, s.V. “NewDeal,” 753.
Second Revenue Act of 1940 – Wikipedia
en.wikipedia.org/wiki/Second_Revenue_Act_of_1940
The New Deal
www.uri.edu/artsci/newecn/Classes/Art/INT1/Mac/1930s/new_deal.htm
Corporate Income Tax: Definition, History, Rate
www.thebalance.com/corporate-income-tax-definition-history-effective-rate-3306024
Communist Manifesto 10 Planks
www.libertyzone.com/Communist-Manifesto-Planks.html
Current U.s. National Debt:
