Research Report Personal Exemption Not What It Used to Be
Adam Carasso, C. Eugene Steuerle
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The personal exemption, designed to shelter a basic minimum income from taxation, has declined in relative importance over time. In the aggregate, while it grew modestly from $406 billion to $505 billion (in real 2002 dollars) from 1948 to 1999, as a fraction of personal income the exemption has declined precipitously, from 27.3 percent to just 6.3 percent.
Research and Evidence Tax and Income Supports Upward Mobility
Expertise Upward Mobility and Inequality Social Safety Net
Tags Fiscal policy Poverty