Revenue Act of 1964
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The United States Revenue Act of 1964, signed February 26th, 1964 by President Lyndon Johnson[1], reduced individual income tax rates (the top rate fell from 91 percent to 70 percent) and, reduced the top corporate rate from 52 percent to 48 percent.
A minimum standard deduction of $300 plus $100 per exemption was created (maximum $1,000).
[edit] Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1964 dollars | 2005 dollars |
|---|---|
| $100 | $630 |
| $300 | $1,890 |
| $1,000 | $6,300 |
|
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