Page:United States Statutes at Large Volume 49 Part 1.djvu/1060

 74T H CONGRESS. SESS. I. CH. 829 . AUGUST 30, 1935. 1015 "$30,000 upon surtax net incomes of $100,000 ; and upon surtax net incomes in excess of $100,000 and not in excess of $15 0,00 0, 58 per centum in addition of such excess . "$59,000 upon surtax net incomes of $150,000 ; and upon surtax net inc omes in excess of $1 50,000 and not in excess of $20 0,00 0, 60 per centum in addition of such excess. " $89,000 upon surtax net incomes of $200,000 ; and upon surtax net inc omes in excess of $200,000 and not in excess of $25 0,00 0, 62 per centum in addition of such excess . "$120,000 upon surtax net incomes of $250,000 ; and upon surtax net incomes in excess of $250,000 and not in excess of $300,000, 64 per centum in addition o f such excess. "$152,000 upon surtax net incomes of $300,000 ; and upon surtax net inc omes in excess of $3 00,000 and not in excess of $40 0,00 0, 66 per centum in addition of such excess . "$218,000 upon surtax net incomes of $400,000 ; and upon surtax net incomes in excess of $400,000 and not in excess of $50 0,00 0, 68 per centum in addition of such excess. "$286,000 upon surtax net incomes of $500,000 ; and upon surtax net incomes in excess of $500,000 and not in excess of $75 0,00 0, 70 per centum in addition of such excess . " $461,000 upon surtax net incomes of $750,000 ; and upon surtax net incomes in excess of $750,000 and not in excess of $1,000 .000, 72 per centum in addition of such excess. "$641,000 upon surtax net incomes of $1,000,000 : and upon surtax net incomes in excess of $1,000,000 and not in excess of $2,000,000, 73 per centum in addition of such excess. "$1,371,000 upon surtax net incomes of $2,0 00,000 ; and upon surtax net incomes in excess of $2,000,000 and not in excess of $5,000,000, 74 per centum in addition of such excess. "$3,591,000 upon surtax net incomes of $5,0 00,000 ; and upon surtax net incomes in excess of $5,000,000, 75 per centum in addition of such excess . " SEC. 102. INCOM E TAXE S ON C ORPORAT IONS income tax on cor. p ora tio ns. (a) Section 13 (a) of the Revenue Act of 1934 is amended to read Vol.48,p.686. as follows : " (a) RATE of TAX .-There shall be levied, collected, and paid for Rate of tax. each taxable year upon the net income (in excess of the credit against net income provided in section 26) of ev ery co rpora tion, a tax as follows " Upon net incomes not in excess of $2,000, 121/2 per centum. "$250 upon net incomes of $2,000 ; and upon net incomes in excess of $2,000 and not in excess of $15 .000, 13 per centum in addition of such excess . "$1,940 upon net incomes of $15,000 ; and upon net incomes in excess of $15,000 and not in excess of $40,000, 14 per cen tum in addition of su ch excess. "$ 5,4 40 upo n net income s of $40,000 ; and upon net incomes in excess of $40,000, 15 per centum in addition of such excess ." (b) Section 141(c) of the Revenue Act of 1934 is amended by co4P .7 21 . and striking out "except that there shall be added to the rate of tax pre- payment ortax. scribed by section 13 (a) a rate of 2 per centum, but the tax at such increased rate shall be considered as imposed by section 13(a)" and by inserting in lieu thereof the following : "except that the rate of tax shall be 153/4 per centum, in lieu of the rates prescribed by sec- tion 13(a), but the tax at such rate of 153/4 per centum shall be con sidere d as impose d by s ection 13( a)".