The Individual Income Tax Act of 1944 raised individual income tax rates in the United States and repealed the 3% Victory Tax.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.
|
Famous quotes containing the words individual, income, tax and/or act:
“Life deceives everyone except the individual who doesn’t contemplate it, the individual who demands nothing from it, the individual who serenely accepts its few gifts and serenely makes the most of them.”
—Ivan Sergeevich Turgenev (1818–1883)
“We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.”
—Ralph Waldo Emerson (1803–1882)
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (1729–1797)
“Yes, having a child is surely the most beautifully irrational act that two people in love can commit.”
—Bill Cosby (20th century)