The Revenue Act of 1940 temporarily and permanently increased individual income tax rates, temporarily and permanently increased corporate tax rates (top rate rose from 19% to 22.1%), and temporarily increased most excise tax rates to 30-50%.
The personal exemption fell from $2,500 to $2,000 (married couples).
Inflation-adjusted numbers
[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:
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