Individual Income Tax Act of 1944
Encyclopedia
The Individual Income Tax Act of 1944 raised individual income tax
rates in the United States
and repealed the 3% Victory Tax.
It standardized the value of personal exemptions at $500 per person.
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
rates in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and repealed the 3% Victory Tax.
It standardized the value of personal exemptions at $500 per person.