- Tax Reform Act of 1976
The Tax Reform Act of 1976 was passed by the
United States Congressin September of 1976, and signed into law by President Gerald Fordon October 4, 1976, becoming USPL|94|455.
The act increased the percentage standard deduction to 16% ($2,800 max) and minimum standard deduction to $2,100 (joint returns). The general tax credit (max of $35/capita or 2% of $9,000 income) was temporarily extended and small business tax rates were temporarily lowered through
The act delayed the decrease in the investment tax credit through
1980, expanded the individual minimum tax, and increased the long term capital gains holding period from 6 months to 1 year.
A unified rate schedule for the estate and gift taxes with a $175,000 exemption was created.
[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:
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