Word: taxing
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Dates: during 1960-1969
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...increase in the individual personal income tax exemption from the present $600 to $650 next July...
...three-step rise in the standard tax deduction-now $1,000 or 10% of income, whichever is less-to $2,000 or 15% by 1973. The feature is designed to aid lower-and middle-income groups. > An additional $1,100 income exemption for those with annual earnings of $3,300 or less, aimed at removing 5,500,000 poor families from the tax rolls. > A new schedule for single taxpayers designed to narrow the gap between what they pay and what is paid by married people with the same income. Single people now pay up to 40% more...
...maximum tax on earned income, reducing rates from the current maximum of 70% to 60% in 1971and 50% in 1972 and thereafter...
...minimum tax" of at least 10% on all income over $30,000. One major loophole, tax-exempt state and municipal bond interest, is not affected...
...Some tax breaks for businesses were also modified. The bill calls for a repeal of the 7% business investment tax credit, a reduction from 27½% to 22% of the oil depletion allowance, and increased taxes on high-bracket capital gains. The bill puts a 4% tax on the investment income of foundations-a compromise between a stiff House bill and a nominal Senate measure...