1913-15 1916 1917 1918 1919-20 1921 1922 1923 1924 1925-28 1929 1932-33 1934-35 1936-39 1940 1941 1942-436 1944-457 1946-47 1948-49 1950 TABLE 1.-HISTORY OF FEDERAL INDIVIDUAL INCOME TAX EXEMPTIONS AND FIRST AND TOP BRACKET RATES [In dollars unless otherwise specified] 600 600 600 600 600 625 675 12750 1,000 1,000 1,000 1,000 1,040 1,080 1,900 15 1,950 15 18 2,000 15 18 2,150 1944-45-90; 1946-47-85.5; 1948-49-77.0; 1950-87.0; 1951-87.2; 1952-53-88.0; and 1954-63-87.0. 9 Includes surcharge of 7.5 percent in 1968, 10 percent in 1969, and 2.5 percent in 1970. 10 Does not include add-on minimum tax on preference items or alternative minimum tax. 11 Earned income was subject to maximum marginal rates of 60 percent in 1971 and 50 percent from 1972 through 1981. 1,000 1,000 1,000 2,100 2,100 2,100 2,100 2,100 2,180 2,270 3,000 29,750 (19) (19) 891 892 DESC: 6 Exclusive of Victory Tax. 7 Exemptions shown were for surtax only. Normal tax exemption was $500 per tax return plus earned income of wife up to $500 on joint returns. 8 Subject to the following maximum effective rate limitations [year, and maximum effective rate (in percent)]: 1 From 1948 through 1986 taxpayers who were blind or over sixty-five were allowed additional exemptions. 2 Taxable income excludes zero-bracket amount from 1977 through 1986. Rates shown apply only to married persons filing joint returns beginning in 1948. For the relationship of other rates to these rates. From 1922 through 1986 lower rates applied to long-term capital gains. 405 2004 12 In addition to the personal exemptions, a per capita tax credit of $30 was allowed for 1975, and $35 per capita or 2 percent of the first $9,000 of taxable income, whichever was larger, for 1976-78. 13 Beginning in 1975, a refundable earned-income credit is allowed for low-income individuals. 14 After tax credit of 1.25 percent against regular tax. 15 The personal exemption is phased out for higher taxable incomes. 16 The rate applied to the first $29,750 of taxable income is gradually increased to the top-bracket rate between taxable incomes of $71,900 and $149,250 in 1988. The 17 Excludes the effects of the phaseout of the 15 percent bracket and the personal exemptions. See footnotes 15 and 16. 18 The exemption is adjusted for inflation beginning in 1990. 19 The bracket limits are adjusted for inflation beginning in 1989. 20 The phaseout of the 15-percent rate, effective in 1988-90, is repealed for years beginning after December 31, 1990. Sources: Relevant public laws and summaries prepared by the Joint Committee on Taxation. Much of the material is reprinted, with permission, from J. Pechman, "Federal Tax 1 "Other" includes estate and gift taxes, custom duties, and miscellaneous receipts. Source: Budget of the United States Government, Fiscal Year 1994. 45.6 55.0 1,090.5 788.0 302.4 1993 516.4 108.6 426.8 115.0 311.8 47.6 49.7 1,149.1 837.3 311.8 1994 536.5 114.1 462.0 123.9 338.1 48.7 53.9 1,215.2 877.2 338.1 TABLE 3. PERCENTAGE COMPOSITION OF RECEIPTS BY SOURCE, SELECTED [Percentages] Total Source: Budget of the United States Government for Fiscal Year 1994. 1960 44.0 23.2 15.9 4.4 11.5 12.6 4.2 100.0 88.5 11.5 1980 47.2 12.5 30.5 8.6 21.9 4.7 5.1 Married individual Unmarried individual Source: Internal Revenue Code and Congressional Budget Office. TABLE 4. PERSONAL EXEMPTIONS AND STANDARD DEDUCTIONS, 1993 AND 100.0 78.1 21.9 Unmarried individual Married individual filing separately Additional standard deduction for blind and elderly individuals: 1990 45.3 9.1 36.9 9.5 27.3 3.4 5.4 100.0 72.7 27.3 1993 1998 (estimate) 3,700 3,100 700 900 45.5 8.7 38.0 9.8 28.1 3.3 4.5 100.0 71.9 28.1 $2,350 6,200 6,350 5.450 5,800 1994 projected $2,450 3,800 3,175 750 950 |
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