Revenue Act of 1948
In today's world, Revenue Act of 1948 has become a topic of interest and debate in a wide range of areas. Whether in the political, social, scientific or cultural sphere, Revenue Act of 1948 has captured the attention of society and generated passionate discussions about its importance and the implications it has. As we continue to move forward into the 21st century, Revenue Act of 1948 has become a relevant topic that requires in-depth analysis and reflection about its long-term implications and consequences. In this article, we will explore different aspects related to Revenue Act of 1948 and examine its impact on today's society.
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, made the distinction between community property jurisdictions and non-community property jurisdictions less relevant in the administration of the income, estate, and gift taxes, and provided additional exemption for taxpayers age 65 and older. The Revenue Act of 1948 was vetoed by President Harry S. Truman, but his veto was overridden on April 2, 1948, by a two-thirds vote of each House of the Republican-controlled Eightieth Congress of the United States.
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