The Tax Reduction and Simplification Act of 1977 was passed by the 95th United States Congress and signed into law by President Jimmy Carter on May 23, 1977.[1]
It replaced the percentage standard deduction 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
References
- ^ Carter, Jimmy E. (May 23, 1977). "Tax and Drought Relief Bills: Remarks on Signing H.R. 3477 and S. 1279 Into Law - May 23, 1977". Internet Archive. Washington, D.C.: National Archives and Records Service. pp. 962–964.
External links
- Carter, Jimmy E. (April 28, 1977). "Budget Deferrals: Message to the Congress - April 28, 1977". Internet Archive. Washington, D.C.: National Archives and Records Service. p. 739.
