Revenue Act of 1948

Revenue Act of 1948

The United States Revenue Act of 1948 reduced individual income tax rates 5-13 percent, increased the personal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, and provided additional exemption for taxpayers age 65 and older.

Inflation-adjusted numbers

[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:


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