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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“Happy are those who find wisdom, and those who get understanding, for her income is better than silver, and her revenue better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called happy.”
—Bible: Hebrew, Proverbs 3:13-18.
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—D.H. (David Herbert)