Revenue Act, 1942
- One of the most important revenue acts introduced during World War II, the Revenue Act of 1942 for the first time extended federal income tax to the majority of the working population. Personal exemptions were lowered to $500 for single individuals and $1,200 for married couples. In 1939, only 4 million Americans paid income tax. In 1943 this number rose to 43 million, and by the end of the war it was 50 million. Surtaxes, corporation taxes, and inheritance taxes were also raised. In 1943, the system of payroll tax deductions on a “pay-as-you-go” system was introduced.
Historical Dictionary of the Roosevelt–Truman Era . Neil A. Wynn . 2015.
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