Revenue Act of 1978
- Individual Income Tax. Reduced individual taxes (widened tax brackets and reduced number of tax rates).
- Personal Exemption. Increased personal exemption amount from $750 to $1,000.
- Corporate Tax. Reduced corporate tax rates (top rate dropped from 48% to 46%).
- Standard Deduction. Increased standard deduction from $3,200 to $3,400 for joint filers.
- Capital Gains. Increased capital gains exclusion from 50% to 60%.
- State and Local Taxes. Repealed nonbusiness deduction for state and local gasoline taxes.
Tax Reduction and Simplification Act of 1977
- Standard Deduction. Replaced percentage standard deduction and minimum standard deduction with single standard deduction of $3,200 (for joint filers).
- General Tax Credit. Temporarily extended general tax credit through 1978 (maximum of $35 per capita or 2% of $9,000 of income).
Tax Reform Act of 1976
- Standard Deduction. Increased percentage standard deduction to 16% (maximum $2,800) and minimum standard deduction to $2,100 (for joints filers).
- General Tax Credit. Temporarily extended general tax credit through 1977 (maximum of $35 per capita or 2% of $9,000 of income).
- Investment Tax Credit. Delayed decrease in investment tax credit from 10% to 7% through 1980.
- Individual Mimimum Tax. Expanded individual minimum tax.
- Estate and Gift Tax. Created unified rate schedule for estate and gift taxes with $175,000 exemption.
- Small Business Tax Rates. Temporarily lowered small business tax rates through 1977.
- Capital Gains. Increased long-term capital gains holding period from 6 months to 1 year.
Tax Reduction Act of 1975
- Tax Liability. Provided 10% rebate on 1974 tax liability ($200 cap).
- General Tax Credit. Created temporary $30 general tax credit for each taxpayer and dependent.
- Investment Tax Credit. Temporarily increased investment tax credit to 10% through 1976.
- Minimum Standard Deduction. Temporarily increased minimum standard deduction to $1,900 (for joint filers) for 1975 only.
- Percentage Standard Deduction. Temporarily increased percentage standard deduction to 16% for 1975 only.
Revenue Act of 1971
- Investment Tax Credit. Reinstated investment tax credit (no basis adjustment).
- Excise Tax. Repealed 7% auto excise tax, which was due to phase-out in 1982.
- Depreciation Convention. Replaced 3/4-year depreciation convention with 2-year convention.
- Minimum Standard Deduction. Increased minimum standard deduction from $1,000 to $1,300.
- Personal Exemption. Accelerated scheduled increases in personal exemption amount and percentage standard ion.