Revenue Act of 1978
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The United States Revenue Act of 1978 reduced individual income taxes (widened tax brackets and reduced the number of tax rates), increased the personal exemption from $750 to $1,000, reduced corporate tax rates (the top rate falling from 48 percent to 46 percent), increased the standard deduction from $3,200 to $3,400 (joint returns), increased the capital gains exclusion from 50 percent to 60 percent, and repealed the non-business exemption for state and local gasoline taxes.
It was passed by the 95th Congress and signed into law by President James Carter.
The Act also established Flexible spending accounts, which allow employees to receive reimbursement for medical expenses from untaxed income dollars.
[edit] Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1978 dollars | 2005 dollars |
|---|---|
| $750 | $2,247 |
| $1,000 | $2,995 |
| $3,200 | $9,585 |
| $3,400 | $10,184 |
| Tax Acts of the United States |
|---|
| Internal Revenue: 1861 • 1862 • 1864 • 1913 • 1916 • 1917 • 1918 • 1921 • 1924 • 1926 • 1928 • 1932 • 1935 • 1940 • 1940 • 1941 • 1942 • 1943 • 1943 • 1944 • 1945 • 1948 • 1950 • 1950 • 1951 • 1954 • 1954 • 1962 • 1964 • 1968 • 1969 • 1971 • 1975 • 1976 • 1977 • 1978 • 1981 • 1982 • 1986 • 1990 • 1993 • 1996 • 1997 • 1998 • 2001 • 2002 • 2003 • 2006
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