The
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
Revenue Act of 1971 reinstated the investment tax credit, repealed the 7%
automobile
A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods.
The year 1886 is regarde ...
excise tax, and increased the minimum
standard deduction from $1,000 to $1,300.
Scheduled increases in the personal exemption amount and percentage standard deduction were accelerated.
The 1971 Revenue Act helped establish the system of presidential public funding used in the United States. The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them
.
Beginning with the 1973 tax year, individual taxpayers were able to designate $1 to be applied to the
Presidential Election Campaign Fund
The presidential election campaign fund checkoff appears on US income tax return forms as the question ''Do you want $3 of your federal tax to go to the Presidential Election Campaign Fund?''
Originally $1 and implemented in 1966 as a start to the ...
.
[See line 8, 1973 Form 1040, U.S. Individual Income Tax Return, Internal Revenue Service, U.S. Dep't of the Treasury.]
See also
*
Federal Election Campaign Act of 1971
References
External links
Full text of the Act
{{US_tax_acts
United States federal taxation legislation
1971 in law