- Tax Reform Act of 1976
The Tax Reform Act of 1976 was passed by the
United States Congress in September of1976 , and signed into law by PresidentGerald Ford onOctober 4 ,1976 , becoming USPL|94|455.The act increased the percentage standard deduction to 16% ($2,800 max) and minimum standard deduction to $2,100 (joint returns). The general tax credit (max of $35/capita or 2% of $9,000 income) was temporarily extended and small business tax rates were temporarily lowered through
1977 .The act delayed the decrease in the investment tax credit through
1980 , expanded the individual minimum tax, and increased the long term capital gains holding period from 6 months to 1 year.A unified rate schedule for the estate and gift taxes with a $175,000 exemption was created.
Inflation-adjusted numbers
[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:
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