The Tax Reduction and Simplification Act of 1977 was passed by the
95th United States Congress
The 95th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, DC from January 3, 1977, ...
and signed into law by
President
President most commonly refers to:
*President (corporate title)
*President (education), a leader of a college or university
*President (government title)
President may also refer to:
Automobiles
* Nissan President, a 1966–2010 Japanese ful ...
Jimmy Carter
James Earl Carter Jr. (born October 1, 1924) is an American politician who served as the 39th president of the United States from 1977 to 1981. A member of the Democratic Party (United States), Democratic Party, he previously served as th ...
on May 23, 1977.
It replaced the percentage
standard deduction
Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deducti ...
and minimum standard deduction with a single standard deduction of $3,200 (joint returns) and temporarily extended the general tax credit (maximum of $35/capita or 2% of $9,000 income) through 1978.
See also
*
Congressional Budget and Impoundment Control Act of 1974
The Congressional Budget and Impoundment Control Act of 1974 (, , ) is a United States federal law that governs the role of the Congress in the United States budget process.
The Congressional budget process
Titles I through IX of the law are also ...
References
External links
*
United States federal taxation legislation
1977 in American law
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