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Encyclopedia > Revenue Act of 1978

The United States Revenue Act of 1978 reduced individual income taxes (widened tax brackets and reduced the number of tax rates), increased the personal exemption from $750 to $1,000, reduced corporate tax rates (the top rate falling from 48 percent to 46 percent), increased the standard deduction from $3,200 to $3,400 (joint returns), increased the capital gains exclusion from 50 percent to 60 percent, and repealed the non-business exemption for state and local gasoline taxes. Income tax is a direct tax which is levied on the income of private individuals. ... Corporate tax refers to direct taxes charged by various jurisdictions on the profits made by companies or associations. ... Petrol (gasoline in the United States and Canada) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ...


It was passed by the 95th Congress and signed into law by President James Carter. Ninety-fifth United States Congress Links and spelling have to be verified. ... For the pop band, see Presidents of the United States of America. ... Order: 39th President Term of Office: January 20, 1977–January 20, 1981 Preceded by: Gerald Ford Succeeded by: Ronald Reagan Date of birth: October 1, 1924 Place of birth: Plains, Georgia Date of death: Place of death: First Lady: Rosalynn Carter Political party: Democratic Vice President: Walter Mondale James Earl...


Inflation-adjusted numbers

Corrected for inflation (http://minneapolisfed.org/Research/data/us/calc/index.cfm) by CPI:

1978 dollars 2005 dollars
$750 $2,247
$1,000 $2,995
$3,200 $9,585
$3,400 $10,184


Tax Acts of the United States

1861 | 1862 | 1894 | 1913 | 1916 | 1917 | 1918 | 1921 | 1924 | 1926 | 1928 | 1932 | 1940 | 1940 | 1941 | 1942 | 1943 | 1943 | 1944 | 1945 | 1948 | 1950 | 1950 | 1951 | 1954 | 1954 | 1962 | 1964 | 1968 | 1969 | 1971 | 1975 | 1976 | 1977 | 1978 | 1981 | 1982 | 1982 | 1983 | 1984 | 1986 | 1986 | 1990 | 1993 | 1997 | 2001 | 2002 | 2003 | Taxation in the United States is a complex system which may involve payments to at least four different levels of government: Local government, possibly including one or more of municipal, township, district and county governments Regional entities such as school, utility and transit districts State government Federal government The federal... The Revenue Act of 1861 proposed that there shall be levied, collected, and paid, upon annual income of every person residing in the U.S. whether derived from any kind of property, or from any professional trade, employment, or vocation carried on in the United States or elsewhere, or from... The Revenue Act of 1862 was passed by the United States Congress during the Civil War. ... The Wilson-Gorman tariff of 1894 slightly reduced the U.S. tariff rates from the numbers set in the 1890 McKinley tariff. ... Revenue Act of 1913 - Wikipedia /**/ @import /skins/monobook/IE50Fixes. ... The United States Revenue Act of 1916 raised the lowest income tax rate from 1 percent to 2 percent and raised the top rate to 15 percent on taxpayers with incomes above $2 million. ... The Revenue Act of 1918 raised income tax rates once again. ... The United States Revenue Act of 1921 repealed the wartime excess profits tax. ... The United States Revenue Act of 1924 cut federal tax rates and established the U.S. Board of Tax Appeals, which was later renamed the Tax Court of the United States in 1942. ... The United States Revenue Act of 1926 reduced inheritance and personal income taxes, cancelled many excise imposts, and ended public access to federal income tax returns. ... The Revenue Act of 1932 raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. ... The Revenue Act of 1940 temporarily and permanently increased individual income tax rates, temporarily and permanently increased corporate tax rates (top rate rose from 19% to 22. ... The Revenue Act of 1941 permanently extended the temporary individual, corporate, and excise tax increases of 1940, increased the excess profits tax by 10 percentage points (top rate rose from 50 to 60 percent), and increased corporate tax rates 6-7 percentage points (top rate increased from 24 percent to... The United States Revenue Act of 1942 increased individual income tax rates, increased corporate tax rates (top rate rose from 31 percent to 40 percent), and reduced the personal exemption amount from $1,500 to $1,200 (married couples). ... The United States Revenue Act of 1943 increased federal excise taxes on, among other things, alcohol, jewelry, telephones, and admissions, and raised the excess profits tax rate from 90 percent to 95 percent. ... The Current Tax Payment Act of 1943 introduced the concept of income tax withholding in the United States. ... The Individual Income Tax Act of 1944 raised individual income tax rates in the United States and repealed the 3 percent Victory Tax. ... The United States Revenue Act of 1945 repealed the excess profits tax, reduced individual income tax rates (the top rate fell from 94 percent to 86. ... The United States Revenue Act of 1948 reduced individual income tax rates 5-13 percent, increased the personal exemption amount from $500 to $600, permitted married couples to split their incomes for tax purposes, and provided additional exemption for taxpayers age 65 and older. ... The United States Revenue Act of 1950 eliminated a portion of the individual income tax rate reductions from the 1945 and 1948 tax acts, and increased the top corporate rate from 38 percent to 45 percent. ... The United States Excess Profits Tax of 1950 created a temporary excess profits tax of 30 percent up through June 30, 1953. ... The United States Revenue Act of 1951 temporarily increased individual income tax rates through 1953, and temporarily raised corporate tax rates 5 percentage points through March 31, 1954. ... The United States Excise Tax Reduction Act of 1954 actually temporarily extended the 1951 excise tax increases (through March 31, 1955), but also reduced excise tax rates on, among other things, telephones, admissions, and jewelry. ... The United States Internal Revenue Code of 1954 temporarily extended the 5 percentage point increase in corporate tax rates through March 31, 1955, increased depreciation deductions by providing additional depreciation schedules, and created a 4 percent dividend tax credit for individuals. ... The United States Revenue Act of 1962 established a 7 percent investment tax credit and required information reporting to the government for interest and dividend payments. ... The United States Revenue Act of 1964 reduced individual income tax rates (the top rate fell from 91 percent to 70 percent), and reduced the top corporate rate from 52 percent to 48 percent. ... The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7 percent automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300. ... The Kemp-Roth Tax Cut (officially the Economic Recovery Tax Act, or ERTA) of 1981 reduced marginal income tax in the United States rates by approximately 25% over three years (the top rate falling to 50% from 70% while the bottom rate dropped to 11% from 14%) and indexed them... The United States Tax Equity and Fiscal Responsibility Act of 1982 rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before. ... The Highway Revenue Act of 1982 temporarily increased the United States gasoline excise tax from 4 cents to 9 cents through September 30, 1988. ... The Consolidated Omnibus Budget Reconciliation Act is U.S federal legislation from 1986 which gives workers who lose their health care benefits the right to choose to continue group health benefits provided by their group health plan under certain circumstances. ... President Ronald Reagan signs the Tax Reform Act of 1986 on the South Lawn. ... The Omnibus Budget Reconciliation Act of 1990 (or OBRA-90) was designed to reduce the United States federal budget deficit. ... The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was passed by the 103rd United States Congress and signed into law by President Bill Clinton. ... The Taxpayer Relief Act of 1997 reduced several federal taxes in the United States. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Job Creation and Worker Assistance Act of 2002 increased carryback of net operating losses to 5 years (through September 2003), extended the exception under Subpart F for active financing income (through 2006), and created 30 percent expensing for certain capital asset purchases (through September 2004). ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ...



 

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