Research Report Personal Exemption Not What It Used to Be
Adam Carasso, C. Eugene Steuerle
Display Date
Download Report
(137.84 KB)

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 Areas Economic mobility and inequality Social safety net
Tags Fiscal policy Poverty