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
Corrected for inflation by CPI:
| 1940 dollars | 2005 dollars |
|---|---|
| $2,000 | $27,900 |
| $2,500 | $34,875 |
|
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