History
| Tax year | Deduction amount |
|---|---|
| 1987 | $1,900 |
| 1988 | $1,950 |
| 1989 | $2,000 |
| 1990 | $2,050 |
| 1991 | $2,150 |
| 1992 | $2,300 |
| 1993 | $2,350 |
| 1994 | $2,450 |
| 1995 | $2,500 |
| 1996 | $2,550 |
| 1997 | $2,650 |
| 1998 | $2,700 |
| 1999 | $2,750 |
| Tax year | Deduction amount |
|---|---|
| 2000 | $2,800 |
| 2001 | $2,900 |
| 2002 | $3,000 |
| 2003 | $3,050 |
| 2004 | $3,100 |
| 2005 | $3,200 |
| 2006 | $3,300 |
| 2007 | $3,400 |
| 2008 | $3,500 |
| 2009 | $3,650 |
| 2010 | $3,650 |
| 2011 | $3,700 |
| 2012 | $3,800 |
The personal exemption amount in 1894 was $4,000 ($80,000 in 2005 dollars). That tax was declared unconstitutional in 1895. The tax in its present form which began around 1913 had a personal exemption amount of $3,000 ($57,000 in 2005 dollars), or $4,000 for married couples.
Over time the amount of the exemption has increased and decreased depending on political policy and the need for tax revenue. Since the Depression, the exemption has increased steadily, but not enough to keep up with inflation. Despite the intent of the exemption, the amounts are also less than half of the poverty line.
The exemption amounts for years 1987 through 2012 are as shown at right.
The exemption amounts for years 1913 through 2006 are available at http://taxfoundation.org/article/federal-individual-income-tax-exemptions-and-treatment-dividends-1913-2006.
Read more about this topic: Personal Exemption (United States)
Famous quotes containing the word history:
“There is a history in all men’s lives,
Figuring the natures of the times deceased,
The which observed, a man may prophesy,
With a near aim, of the main chance of things
As yet not come to life.”
—William Shakespeare (1564–1616)
“The history of persecution is a history of endeavors to cheat nature, to make water run up hill, to twist a rope of sand.”
—Ralph Waldo Emerson (1803–1882)
“History, as an entirety, could only exist in the eyes of an observer outside it and outside the world. History only exists, in the final analysis, for God.”
—Albert Camus (1913–1960)