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 |
|
