Tax Reform Act of 1969


Tax Reform Act of 1969

The United States Tax 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The act phased in an increase in the personal exemption amount from $600 to $750, repealed the investment tax credit, and delayed the scheduled reduction in the telephone and automobile excise taxes.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.

Inflation-adjusted numbers

[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Reform Act 1832 — First page of the Reform Act 1832 This painting by …   Wikipedia

  • Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 — Effective (Various dates for different provisions) Citations Public Law Public Law 111 312 Stat …   Wikipedia

  • Tax protester (United States) — Part of a series on Taxation Taxation in the United States …   Wikipedia

  • Alternative Minimum Tax — (AMT) is part of the Federal income tax system of the United States. There is an AMT for those who owe personal income tax, and another for corporations owing corporate income tax. Only the AMT for those owing personal income tax is described… …   Wikipedia

  • Federal telephone excise tax — The federal telephone excise tax is a statutory federal excise tax imposed under the Internal Revenue Code in the United States under usc|26|4251 on amounts paid for certain communications services. The tax was to be imposed on the person paying… …   Wikipedia

  • United States Tax Court — The United States Tax Court is a federal trial court of record established by Congress under Article I of the U.S. Constitution, section 8 of which provides (in part) that the Congress has the power to constitute Tribunals inferior to the supreme …   Wikipedia

  • Artist-Museum Partnership Act — The Artist Museum Partnership Act is a United States bill that was proposed to amend the Internal Revenue Code of 1986 to allow taxpayers who create literary, musical, artistic, or scholarly compositions or similar property a fair market value… …   Wikipedia

  • income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …   Universalium

  • Income tax in the United States — UStaxationThe federal government of the United States imposes a progressive tax on the taxable income of individuals, partnerships, companies, corporations, trusts, decedents estates, and certain bankruptcy estates. Some state and municipal… …   Wikipedia

  • Capital gains tax in the United States — In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income. Capital gains are generally taxed at a preferential rate in comparison to ordinary income.… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.