Tax Reduction Act of 1975
Encyclopedia
The United States
Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and created a temporary $30 general tax credit for each taxpayer and dependent.
The investment tax credit was temporarily increased to 10 percent through 1976.
The minimum standard deduction
was temporarily increased to $1,900 (joint returns) for one year. The percentage standard deduction was increased to 16%, also for one year.
The bill became public law 94-12 on March 29, 1975 when it was signed by President
Gerald Ford
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Tax Reduction Act of 1975 provided a 10 percent rebate on 1974 tax liability ($200 cap) and created a temporary $30 general tax credit for each taxpayer and dependent.
The investment tax credit was temporarily increased to 10 percent through 1976.
The minimum standard deduction
Standard deduction
The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status. It is available to US citizens and resident aliens who are individuals, married persons, and heads of household and increases every...
was temporarily increased to $1,900 (joint returns) for one year. The percentage standard deduction was increased to 16%, also for one year.
The bill became public law 94-12 on March 29, 1975 when it was signed by President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Gerald Ford
Gerald Ford
Gerald Rudolph "Jerry" Ford, Jr. was the 38th President of the United States, serving from 1974 to 1977, and the 40th Vice President of the United States serving from 1973 to 1974...
.