excess profits tax

excess profits tax,

levy on any profit above a standard level. Chiefly a wartime phenomenon, it is intended to increase revenue during periods of distress and to prevent businessmen from taking unfair advantage of the increased government spending and consumer demand that normally accompany wars. In 1917 the U.S. federal government adopted such a tax, which continued in various forms and at increasing rates until 1921. It was revived by federal legislation during World War II and during the Korean War. The tax was imposed on the excess over a firm's peacetime earnings or over an arbitrarily decreed earning rate. Great Britain levied an excess profits tax from 1915 to 1921, with a rate varying from 40% to 80%. During the era of World War II, Britain's excess profits tax was revived, with tax rates increased to 100%. Critics contend that such levies discourage productive enterprise by eliminating the profit motive.

excess profits tax

Excess profits tax

Additional federal taxes placed on the earnings of a business, used only in time of national emergency such as war.

Excess Profits Tax

A tax imposed on a company's profits over a certain amount. Excess profit taxes are imposed in order to generate more revenue for the government, especially during national emergencies. In the United States, excess profit taxes have been implemented during wartime. There are also periodic debates on whether to impose an excess profit tax on private industries thought to be necessary for consumers in order to discourage profiteering or price gouging. Particularly, oil and gas companies have been targeted for this form of the excess profit tax. See also: Windfall Tax.

excess profits tax

A temporary tax levied on business profits during a period of national emergency. For example, the federal government may levy an additional corporate income tax during wartime to generate extra government revenues.

单词	excess profits tax
释义	excess profits tax excess profits tax, levy on any profit above a standard level. Chiefly a wartime phenomenon, it is intended to increase revenue during periods of distress and to prevent businessmen from taking unfair advantage of the increased government spending and consumer demand that normally accompany wars. In 1917 the U.S. federal government adopted such a tax, which continued in various forms and at increasing rates until 1921. It was revived by federal legislation during World War II and during the Korean War. The tax was imposed on the excess over a firm's peacetime earnings or over an arbitrarily decreed earning rate. Great Britain levied an excess profits tax from 1915 to 1921, with a rate varying from 40% to 80%. During the era of World War II, Britain's excess profits tax was revived, with tax rates increased to 100%. Critics contend that such levies discourage productive enterprise by eliminating the profit motive. excess profits tax Excess profits tax Additional federal taxes placed on the earnings of a business, used only in time of national emergency such as war. Excess Profits Tax A tax imposed on a company's profits over a certain amount. Excess profit taxes are imposed in order to generate more revenue for the government, especially during national emergencies. In the United States, excess profit taxes have been implemented during wartime. There are also periodic debates on whether to impose an excess profit tax on private industries thought to be necessary for consumers in order to discourage profiteering or price gouging. Particularly, oil and gas companies have been targeted for this form of the excess profit tax. See also: Windfall Tax. excess profits tax A temporary tax levied on business profits during a period of national emergency. For example, the federal government may levy an additional corporate income tax during wartime to generate extra government revenues. See EPT See EPT
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