The United States Revenue Act of 1942 increased individual income tax rates, increased corporate tax rates (top rate rose from 31 % to 40 %), and reduced the personal exemption amount from $1,500 to $1,200 (married couples). The exemption amount for each dependent was reduced from $400 to $350. A 5 % Victory tax on all individual incomes over $624 was created, with postwar credit. The 35-60 % graduated rate schedule for excess profits tax was replaced with a flat 90 % rate.
Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1942 dollars | 2005 dollars |
|---|---|
| $350 | $4,194 |
| $400 | $4,793 |
| $624 | $7,477 |
| $1,200 | $14,378 |
| $1,500 | $17,972 |
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| Internal Revenue |
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| Tariffs | 1789: Hamilton I • • 1792: Hamilton III • 1816: Dallas • 1824: Sectional • 1828: "Abominations" • 1832 • 1833: Compromise • 1842: Black • 1846: Walker • 1857 • 1861: Morrill • 1872 • 1875 • • 1890: McKinley • 1894: Wilson-Gorman • 1897: Dingley • 1909: Payne-Aldrich • 1913: Underwood • 1921: Emergency • 1922: Fordney-McCumber • 1930: Smoot-Hawley • 1934: Reciprocal • 1948: GATT • 1962 • 1974/75 • 1979 • 1984 • 1988 • 1989: Canada FT • 1993: NAFTA • 1994: WTO • 2002: Steel |
