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Tax Reform Act of 1969
The United States Tax Reform Act of 1969 () was a federal tax law signed by president Richard Nixon in 1969. The largest impact of the act was the creation of the Alternative Minimum Tax, which was intended to tax high income earners otherwise exempt from income taxes through various exemptions and deductions. In addition to the AMT, the act established individual and corporate minimum taxes, established a new tax schedule for single taxpayers, and slightly increased standard deductions and personal exemptions.
==Summary of provisions==
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:
* phased-in increase in personal exemption amount from $600 to $750
* repealed investment tax credit
* increased minimum standard deduction from $300 plus $100/capita (total max $1,000) to $1,000
* phased-in increase in percentage standard deduction from 10% to 15%
* temporarily extended income tax surcharge at 5% annual rate (thru 6/30/70)
* established individual and corporate minimum taxes
* established new tax rate schedule for single taxpayers
* delayed scheduled reduction in telephone and auto excise taxes
* lowered maximum tax rate on earned income from 70% to 50%
The Act provided a government definition of "private foundation" for the first time (albeit indirectly).〔''See'' IRC section 509〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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