The United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 Revenue Act of 1948 reduced individual income tax

Income tax

An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...

 rates 5-13 percent, increased the personal exemption

Tax exemption

Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some...

 amount from $500 to $600, permitted married couples to split their incomes for tax purposes, made the distinction between community property

Community property

Community property is a marital property regime that originated in civil law jurisdictions and is now also found in some common law jurisdictions...

 jurisdictions and non-community property jurisdictions less relevant in the administration of the income, estate, and gift taxes, and provided additional exemption for taxpayers age 65 and older. The Revenue Act of 1948 was vetoed by President Harry S. Truman

Harry S. Truman

Harry S. Truman was the 33rd President of the United States . As President Franklin D. Roosevelt's third vice president and the 34th Vice President of the United States , he succeeded to the presidency on April 12, 1945, when President Roosevelt died less than three months after beginning his...

, but his veto was overridden on April 2, 1948, by a two-thirds vote of each House of the Republican

Republican Party (United States)

The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...

-controlled Eightieth Congress of the United States.