"The new law cuts no tax rates. But does it provide tax cuts by allowing you to deduct more of your expenses and to exclude from taxable income some of the money you previously had t opay tax on. Most of the provisions are effective as of January 1, 1954. That means you'll be able to take full advantage of them on the tax return you file in the spring of 1955, covering the year 1954."
Good Reading Rack Service, 1954