Federal Budget and Economy

Major Enacted Tax Legislation, 1950-1959

Internal Revenue Code of 1954
  • Corporate Tax Rates. Temporarily extended 5 percentage point increase in corporate tax rates through 3/31/55.
  • Depreciation Deductions. Increased depreciation deductions by providing additional depreciation schedules.
  • Dividend Tax Credit. Created 4% dividend tax credit for
Federal Budget and Economy

Major Enacted Tax Legislation, 1940-1949

Revenue Act of 1948
  • Individual Income Tax Rates. Reduced individual income tax rates 5-13%.
  • Personal Exemption. Increased personal exemption amount from $500 to $600.
  • Joint Filers. Permitted married couples to split their incomes for tax purposes.
  • Additional Exemption. Provided