PART I War Revenue Act Approved October 3, 1917 The War Revenue Act levies taxes which seriously affect every individual or corporation which is engaged in manufacturing, commercial or financial activities. The National Bank of Commerce in New York presents for the use of its friends and customers the complete text of the Act as approved by the President October 3, 1917. WAR REVENUE ACT Approved October 3, 1917 (PUBLIC-No. 50-65TH CONGRESS) (H. R. 4280) An Act to provide revenue to defray war expenses, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, TITLE I.-WAR INCOME TAX. SECTION 1. That in addition to the normal War income tax tax imposed by subdivision (a) of section one of the Act entitled "An Act to increase the revenue, and for other purposes," approved September eighth, nineteen hundred and sixteen, there shall be levied, assessed, collected, and paid a like normal tax of two per centum upon the income of every normal tax of 2% individual, a citizen or resident of the United States, received in the calendar year nineteen hundred and seventeen and every calendar year thereafter. 1. Supplementary on individuals surtax on indi SEC. 2. That in addition to the additional tax 2. Supplementary imposed by subdivision (b) of section one of such viduals Act of September eighth, nineteen hundred and sixteen, there shall be levied, assessed, collected, and paid a like additional tax upon the income of every individual received in the calendar year nineteen hundred and seventeen and every calendar year thereafter, as follows: $5,000 to $7,500 to $10,000 to $12,500 to $15,000 to $20,000 to $40,000 to $60,000 to $80,000 to $100,000 to $150,000 to One per centum per annum upon the amount by which the total net income exceeds $5,000 and does not exceed $7,500; Two per centum per annum upon the amount by which the total net income exceeds $7,500 and does not exceed $10,000; Three per centum per annum upon the amount by which the total net income exceeds $10,000 and does not exceed $12,500; Four per centum per annum upon the amount by which the total net income exceeds $12,500 and does not exceed $15,000; Five per centum per annum upon the amount by which the total net income exceeds $15,000 and does not exceed $20,000; Seven per centum per annum upon the amount by which the total net income exceeds $20,000 and does not exceed $40,000; Ten per centum per annum upon the amount by which the total net income exceeds $40,000 and does not exceed $60,000; Fourteen per centum per annum upon the amount by which the total net income exceeds $60,000 and does not exceed $80,000; Eighteen per centum per annum upon the amount by which the total net income exceeds $80,000 and does not exceed $100,000; Twenty-two per centum per annum upon the amount by which the total net income exceeds $100,000 and does not exceed $150,000; Twenty-five per centum per annum upon the amount by which the total net income exceeds $150,000 and does not exceed $200,000; $250,000-30% Thirty per centum per annum upon the $250,000 amount by which the total net income exceeds $200,000 and does not exceed $250,000; $250,000 to Thirty-four per centum per annum upon the $800,000-84% amount by which the total net income exceeds $250,000 and does not exceed $300,000; $300,000 to Thirty-seven per centum per annum upon the $500,000-37% amount by which the total net income exceeds $300,000 and does not exceed $500,000; $500,000 to Forty per centum per annum upon the amount $750,000-40% by which the total net income exceeds $500,000 and does not exceed $750,000; $1,000,000-45% Forty-five per centum per annum upon the $750,000 to amount by which the total net income exceeds $750,000 and does not exceed $1,000,000; $5,000,000-50% Fifty per centum per annum upon the amount $1,000,000 up to by which the total net income exceeds $1,000,000. tax on individuals under act of SEC. 3. That the taxes imposed by sections 3. Computation of one and two of this Act shall be computed, levied, assessed, collected, and paid upon the same basis Bass same as and in the same manner as the similar taxes im- Sept. 8, 1916 posed by section one of such Act of September eighth, nineteen hundred and sixteen, except that in the case of the tax imposed by section one of this Act (a) the exemptions of $3,000 and $4,000 Personal provided in section seven of such Act of September eighth, nineteen hundred and sixteen, as amended by this Act, shall be, respectively, $1,000 and $2,000, and (b) the returns required under Returns subdivisions (b) and (c) of section eight of such Act, as amended by this Act, shall be required in exemptions $1,000 $2,000 the case of net incomes of $1,000 or over, in the case Unmarried person of unmarried persons, and $2,000 or over in the case Married person of married persons, instead of $3,000 or over, as therein provided, and (c) the provisions of subdivision (c) of section nine of such Act, as |