FACTOID # 15: Most people live in poverty in most African countries.
 
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Encyclopedia > 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. Income tax is a direct tax which is levied on the income of private individuals. ...


Inflation-adjusted numbers

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

1948 dollars 2005 dollars
$500 $4,052
$600 $4,862


Tax Acts of the United States

1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | Taxation in the United States is a complex system which may involve payments to at least four different levels of government: Local government, possibly including one or more of municipal, township, district and county governments Regional entities such as school, utility and transit districts State government Federal government The federal... The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from... The Revenue Act of 1862 was passed by the United States Congress during the Civil War. ... The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ... Revenue Act of 1913 - Wikipedia /**/ @import /skins/monobook/IE50Fixes. ... The United States Revenue Act of 1916 raised the lowest income tax rate from 1 percent to 2 percent and raised the top rate to 15 percent on taxpayers with incomes above $2 million. ... The Revenue Act of 1918 raised income tax rates once again. ... The United States Revenue Act of 1921 repealed the wartime excess profits tax. ... The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. ... The United States Revenue Act of 1926 reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns. ... The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ... 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. ... The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent), and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to... The United States Revenue Act of 1942 increased individual income tax rates, increased corporate tax rates (top rate rose from 31 percent to 40 percent), and reduced the personal exemption amount from $1,500 to $1,200 (married couples). ... The United States Revenue Act of 1943 increased federal excise taxes on, among other things, alcohol, jewelry, telephones, and admissions, and raised the excess profits tax rate from 90 percent to 95 percent. ... The Current Tax Payment Act of 1943 introduced the concept of income tax withholding in the United States. ... The Individual Income Tax Act of 1944 raised individual income tax rates in the United States and repealed the 3 percent Victory Tax. ... The United States Revenue Act of 1945 repealed the excess profits tax, reduced individual income tax rates (the top rate fell from 94 percent to 86. ... The United States Excess Profits Tax of 1950 created a temporary excess profits tax of 30 percent up through June 30, 1953. ... The United States Excise Tax Reduction Act of 1954 actually temporarily extended the 1951 excise tax increases (through March 31, 1955), but also reduced excise tax rates on, among other things, telephones, admissions, and jewelry. ... The United States Internal Revenue Code of 1954 temporarily extended the 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals. ... The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them... The United States Tax Equity and Fiscal Responsibility Act of 1982 rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before. ... The Highway Revenue Act of 1982 temporarily increased the United States gasoline excise tax from 4 cents to 9 cents through September 30, 1988. ... The Consolidated Omnibus Budget Reconciliation Act is U.S federal legislation from 1986 which gives workers who lose their health care benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. ... President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90) was designed to reduce the United States federal budget deficit. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ... The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Job Creation and Worker Assistance Act of 2002 increased carryback of net operating losses to 5 years (through September 2003), extended the exception under Subpart F for active financing income (through 2006), and created 30 percent expensing for certain capital asset purchases (through September 2004). ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ...


  Results from FactBites:
 
HM Revenue and Customs: Oil Taxation Acts 2001-2002 Part II INLAND REVENUE REGULATION ACT 1890 (1462 words)
The Commissioners may act by any two or more of their number, and by the number shall constitute a board of commissioners, and may do and order and direct and permit to be done throughout the United Kingdom or in any part thereof all acts, matters, and things relating to inland revenue.
The Commissioners may at their discretion reward any person who informs them of any offence against any Act relating to inland revenue or assists in the recovery of any fine or penalty, provided that a reward exceeding fifty pounds shall not be paid in any case without the consent of the Treasury.
All fines imposed by this Act may be proceeded for and recovered in the same manner and in the case of summary proceedings with the like power of appeal, as any fine or penalty under any Act relating to the excise.
Georgetown Law - Published Articles (GLH) (579 words)
The wife's ability to own and control property was virtually nonexistent; the husband gained her personal property and the use of and profits from her real property.
Congress adopted such a plan in the Revenue Act of 1948.
The revenue act proved very beneficial to many married couples.
  More results at FactBites »


 

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