Title

The Vanishing Exemption

Document Type

News Article

Publication Date

3-31-1981

ISSN

0190-8286

Publisher

Don Graham

Language

en-US

Abstract

In 1946, when a pound of bread cost about 10 cents, the Internal Revenue Code allowed every person to treat $500 of income as applied to necessities and exempt from income tax. In 1981, when inflation has increased the general price level for all consumer products more than four times the post-World War II level, this income tax allowance for necessities has only doubled, to $1,000 per person. In effect, inflation has cut the tax allowance for necessities by half.

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