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Article: Personal exemptions and individual income tax rates, 1913-2002: data release.(Statistical Data Included)
- Article from:
- Statistics of Income. SOI Bulletin
- Article date:
- March 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 U.S. Government Printing Office. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Of all the sources of Federal revenue, the individual income tax is the most productive, accounting for over half of total Federal tax collections. In Fiscal Year 2001, this tax amounted to $1.2 trillion of the $2.1 trillion total amount collected. The individual income tax is closely tied not only to income distribution and, thus, at least theoretically, to ability to pay, but also to family size. To a varying extent, it takes into account taxpayer family obligations through a system of personal exemptions in combination with certain deductions, which act to reduce the base on which tax is computed.
The modern U.S. income tax was enacted in 1913, following ...
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