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
Corrected for inflation by CPI:
| 1948 dollars | 2005 dollars |
|---|---|
| $500 | $4,052 |
| $600 | $4,862 |
|
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