Revenue and Expenditure Control Act of 1968

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Revenue and Expenditure Control Act of 1968
Great Seal of the United States
Long title An Act to increase revenues, to limit expenditures and new obligational authority, and for other purposes.
Enacted by the 90th United States Congress
Effective June 28, 1968
Public law 90-364
Statutes at Large 82 Stat. 251
Titles amended 26 U.S.C.: Internal Revenue Code
U.S.C. sections amended I.R.C. ch. 1 §§ 101-110, 201-205, 301-303
Legislative history
  • Introduced in the House as H.R. 15414
  • Passed the Senate on April 2, 1968 (57-31)
  • Passed the House on June 20, 1968 (257-162)
  • Reported by the joint conference committee on June 20, 1968; agreed to by the House on June 20, 1968 (268-150) and by the Senate on June 21, 1968 (64-16)
  • Signed into law by President Lyndon Johnson on June 28, 1968

The United States Revenue and Expenditure Control Act of 1968 created a temporary 10 percent income tax surcharge on both individuals and corporations through June 30, 1969.

It also delayed the scheduled reduction in the telephone and automobile excise taxes.