- Tax Reform Act of 1969
United StatesTax Reform Act of 1969 established individual and corporate minimum taxes, established a new tax schedule for single taxpayers, and lowered the maximum rate on earned income from 70 percent to 50 percent.
The act phased in an increase in the personal exemption amount from $600 to $750, repealed the investment tax credit, and delayed the scheduled reduction in the
telephoneand automobile excise taxes.
The minimum standard deduction was increased from $300 plus $100/exemption (maximum of $1,000) to $1,000.
The income tax surcharge was temporarily extended at a 5 percent annual rate through
June 30, 1970.
[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:
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