The Individual Income Tax Act of 1944, Pub.
231 (May 29, 1944), raised individual income tax rates in the United States[1] and repealed the 3% Victory Tax.
[2] The Act also amended section 22 of the Internal Revenue Code of 1939 to provide a definition for "adjusted gross income".
[3] It standardized the value of personal exemptions at $500 per person for those with adjusted gross income of $5,000 or more.
[4] The provisions of the Act were generally effective for tax years that began after December 31, 1943.