The Individual Income Tax Act of 1944, Pub. L. No. 315, Ch. 210, 58 Stat. 231 (May 29, 1944), raised individual
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...
rates in the United States
and repealed the 3% Victory Tax
The Act also amended section 22 of the Internal Revenue Code of 1939 to provide a definition for "adjusted gross income".
It standardized the value of personal exemptions at $500 per person for those with adjusted gross income of $5,000 or more.
The provisions of the Act were generally effective for tax years that began after December 31, 1943.
[Act, sec. 2.]
United States federal taxation legislation
1944 in law
1944 in the United States