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New Law Lowers Some Income Tax Rates and Exemptions
The new revenue act effective Nov 23 1921 lowers excess profits tax starts 1922 raises corporate tax to 12 percent and expands personal exemptions for families singles and non resident aliens while preserving 1921 rates and clarifying audits and inspections. It repeals the bron orders of a personal service corporation and removes hard price caps on several goods.
MENTIONED IN THIS ARTICLE
A. B. Allen
Bureau of Internal Revenue
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