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 Repealed investment tax credit.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.
See Also
Understanding Taxes - Theme 2: Taxes in U.S. HistoryThe Tax Cuts and Jobs ActResearch Guides: This Month in Business History: Income Tax Day[1946-03-04] Download: Legislative History of the Current Tax Payment Act of 1943 | The United States Senate Committee on Finance | The United States Senate Committee on Finance