Tax Reform Act of 1969: Difference between revisions
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The income tax surcharge was temporarily extended at a 5 percent annual rate through [[June 30]], [[1970]]. |
The income tax surcharge was temporarily extended at a 5 percent annual rate through [[June 30]], [[1970]]. |
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The Act defined "[[private foundation|private foundation (USA)]]" for the first time (albeit indirectly). |
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==Inflation-adjusted numbers== |
==Inflation-adjusted numbers== |
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Revision as of 17:27, 24 April 2009
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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The act phased in an increase in the personal exemption amount from $600 to $750, repealed the investment tax credit, and delayed the scheduled reduction in the telephone and automobile excise taxes.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.
The Act defined "private foundation (USA)" for the first time (albeit indirectly).
Inflation-adjusted numbers
Corrected for inflation by CPI:
| 1969 dollars | 2007 dollars |
|---|---|
| $100 | $564.85 |
| $300 | $1,694.55 |
| $600 | $3,389.10 |
| $750 | $4,236.38 |
| $1,000 | $5,648.50 |