Individual Income Tax Act of 1944
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The Individual Income Tax Act of 1944 raised individual income tax rates in the United States and repealed the 3 % Victory Tax.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.
[edit] Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1944 dollars | 2007 dollars |
|---|---|
| $500 | $5,838.07 |
|
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