Tax Reform Act of 1969

Tax Reform Act of 1969

The United States Tax Reform Act of 1969 established individual and corporate minimum taxes, established a new tax schedule for single taxpayers, and lowered the maximum rate on earned income from 70 percent to 50 percent.

The act phased in an increase in the personal exemption amount from $600 to $750, repealed the investment tax credit, and delayed the scheduled reduction in the telephone and automobile excise taxes.

The minimum standard deduction was increased from $300 plus $100/exemption (maximum of $1,000) to $1,000.

The income tax surcharge was temporarily extended at a 5 percent annual rate through June 30, 1970.

Inflation-adjusted numbers

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


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