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Tax Legislation
 

Major Enacted Tax Legislation, 1960-1969

 

Tax Reform Act of 1969

  • Personal Exemption. Phased-in increase in personal exemption amount from $600 to $750.
  • Investment Tax Credit. Repealed investment tax credit.
  • Minimum Standard Deduction. Increased minimum standard deduction from $300 plus $100 per capita (total maximum $1,000) to $1,000.
  • Standard Deduction. Phased-in increase in percentage standard deduction from 10% to 15%.
  • Income Tax Surcharge. Temporarily extended income tax surcharge at 5% annual rate through 6/30/70.
  • Minimum Taxes. Established individual and corporate minimum taxes.
  • Tax Rate Schedule. Established new tax rate schedule for single taxpayers.
  • Excise Taxes. Delayed scheduled reduction in telephone and auto excise taxes.
  • Maximum Tax Rate. Lowered maximum tax rate on earned income from 70% to 50%.


Revenue and Expenditure Control Act of 1968

  • Individual Tax Surcharge. Created temporary 10% income tax surcharge on individuals through 6/30/69.
  • Corporate Tax Surcharge. Created temporary 10% income tax surcharge on corporations through 6/30/69.
  • Excise Taxes. Delayed scheduled reduction in telephone and auto excise taxes.


Tax Adjustment Act of 1966

  • Corporate Estimated Tax Payments. Accelerated scheduled acceleration of corporate estimated tax payments.


Revenue Act of 1964

  • Individual Tax Rates. Reduced individual tax rates (top rate dropped from 91% to 70%).
  • Corporate Tax Rates. Reduced top corporate tax rate from 52% to 48%.
  • Corporate Estimated Tax Payments. Phased-in acceleration of corporate estimated tax payments through 1970.
  • Minimum Standard Deduction. Created minimum standard deduction of $300 + $100/exemption (total $1,000 maximum).


Revenue Act of 1962

  • Investment Tax Credit. Established 7% investment tax credit.
  • Information Reporting. Required information reporting to government for interest and dividend payments.