TheUnited StatesRevenue Act of 1948 reduced individualincome tax rates 5-13 percent, increased thepersonal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, made the distinction betweencommunity 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 PresidentHarry S. Truman, but his veto was overridden on April 2, 1948, by a two-thirds vote of each House of theRepublican-controlled Eightieth Congress of the United States.
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