Knowledge (XXG)

Tax Reform Act of 1969

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upon the size of their preference income. In general, those individual or corporate taxpayers who received the bulk of their income from personal services or manufacturing were taxed at relatively higher tax rates than others. On the other hand, individuals or corporations which received the bulk of their income from such sources as capital gains or were in a position to benefit from net lease arrangements, from accelerated depreciation on real estate, from percentage depletion, or from other tax-preferred activities tended to pay relatively low rates of tax. In fact, many individuals with high incomes who could benefit from these provisions paid lower effective rates of tax than many individuals with modest incomes. In extreme cases, individuals enjoyed large economic incomes without paying any tax at all. This was true for example in the case of 154 returns in 1966 with adjusted gross incomes of $ 200,000 a year (apart from those with income exclusions which do not show on the returns filed). Similarly, a number of large corporations paid either no tax at all or taxes which represented very low effective rates."
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25-percent alternative capital gains tax rate. However, the maximum tax rate on that part of long-term capital gains above $ 50,000 is increased to 29.5 percent in 1970, 32.5 percent in 1971, and 35 percent (one-half the 70 percent top tax rate applicable to ordinary income) in 1972 and later years. The alternative tax rate on corporate long-term capital gains income is increased to 28 percent in 1970 and 30 percent in 1971 and later years."
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The prior treatment imposed no limit on the amount of income which an individual or corporation could exclude from tax as the result of various tax preferences. As a result, there were large variations in the tax burdens placed on individuals or corporations with similar economic incomes, depending
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20. Alternative capital gains tax rate.—The Act gradually eliminates the alternative tax on long-term capital gains for individual taxpayers to the extent they have capital gains of more than $ 50,000. Long-term capital gains up to $ 50,000 received by individuals continue to qualify for the
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It also established individual and corporate minimum taxes and a new tax schedule for single taxpayers. The Act slightly increased standard deductions and personal exemptions and created more stringent requirements on nonprofit organizations, which many argue drove them to
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million in 2023) who had paid zero income tax because of tax deductions and tax credits. The Alternative Minimum Tax was included in the Tax Reform Act of 1969 in order to require these high-income people to pay some income tax.
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million taxpayers paid Alternative Minimum Tax in 2011. However, those who pay the Alternative Minimum Tax may be eligible to take a tax credit in future years in which they are not required to pay Alternative Minimum Tax.
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See Internal Revenue Code section 55(d), as amended by section 104(b)(1) of the American Taxpayer Relief Act of 2012 (January 2, 2013).
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Prohibitions on “self-dealing”; officers and donors could not benefit financially from their transactions with the foundation
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Frumkin, Peter (1998). "The long recoil from regulation: private philanthropic foundations and the Tax Reform Act of 1969".
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The explanation of the Act prepared by Congress's Staff of the Joint Committee on Internal Revenue Taxation says:
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Enhanced reporting requirements, including grants awarded; public access to all of this information guaranteed
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increased minimum standard deduction from $ 300 plus $ 100 per capita (total max $ 1,000) to $ 1,000
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million income tax returns) paid Alternative Minimum Tax. The Tax Policy Center reports that 4.3
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General explanation of the Tax reform act of 1969, H.R. 13270, 91st Congress, Public Law 91-172
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General explanation of the Tax reform act of 1969, H.R. 13270, 91st Congress, Public Law 91-172
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Before 1969, there were people with income exceeding $ 200,000 (equivalent to $ 1.66
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temporarily extended income tax surcharge at 5% annual rate (through June 30, 1970)
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phased-in increase in percentage standard deduction from 10% to 15%
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phased-in increase in personal exemption amount from $ 600 to $ 750
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Prohibition on the attempt to influence legislation or elections
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delayed scheduled reduction in telephone and auto excise taxes
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Limit of 20% ownership of the stock holdings of a business
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National Emissions Standards for Hazardous Air Pollutants
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Marine Protection, Research, and Sanctuaries Act of 1972
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Congressional Budget and Impoundment Control Act of 1974
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Emergency Daylight Saving Time Energy Conservation Act
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established new tax rate schedule for single taxpayers
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National Institute for Occupational Safety and Health
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Consolidated Farm and Rural Development Act of 1972
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Federal Supplemental Educational Opportunity Grants
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4% tax on investment income (reduced to 2% in 1978)
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See 425:United States Department of the Treasury 380:American Review of Public Administration 206:Error: undefined index "USD" when using 1591:Water Resources Development Act of 1974 1416:Trans-Alaska Pipeline Authorization Act 1305:Poison Prevention Packaging Act of 1970 1284:U.S. Consumer Product Safety Commission 572:"Topic No. 556 Alternative Minimum Tax" 370: 68:summarized the tax changes as follows. 1489:National Ambient Air Quality Standards 1167:Legislative Reorganization Act of 1970 351: 323: 295: 267: 239: 169:By 2003, 1.8% of all taxpayers (or 2.4 1445:Environmental Quality Improvement Act 1217:Urban Mass Transportation Act of 1970 1102:Drug Abuse Prevention and Control Act 357:(parameter 1) not a recognized index. 329:(parameter 1) not a recognized index. 301:(parameter 1) not a recognized index. 273:(parameter 1) not a recognized index. 245:(parameter 1) not a recognized index. 119:Taxation on unrelated business income 7: 1007:Minority Business Development Agency 40:federal tax law signed by President 1549:Great Lakes Water Quality Agreement 1314:Public Health Cigarette Smoking Act 1021:Alaska Native Claims Settlement Act 952:Prevention of Nuclear War Agreement 1402:Emergency Petroleum Allocation Act 1321:Securities Investor Protection Act 1254:Occupational Safety and Health Act 1238:Economic Stabilization Act of 1970 1160:District of Columbia Home Rule Act 30:Tooltip Public Law (United States) 14: 1517:Reorganization Plan No. 3 of 1970 1452:National Environmental Policy Act 621:to help reach a consensus. â€ș 200: 110:5% minimum distribution of income 2260:2021 (Infrastructure, PL 117–58) 1503:New Source Performance Standards 1438:Council on Environmental Quality 1540:Coastal Zone Management Program 1461:Environmental Protection Agency 1224:Federal-Aid Highway Act of 1973 1139:Federal Contested Elections Act 1123:Drug Enforcement Administration 1081:End Stage Renal Disease Program 536:"Alternative minimum tax (AMT)" 1577:Endangered Species Act of 1973 1570:Endangered Species Act of 1969 1174:Congressional Research Service 754:VP confirmation of Gerald Ford 76:repealed investment tax credit 64:The Office of Tax Analysis of 1: 1395:Federal Energy Administration 1146:Federal Election Campaign Act 931:Anti-Ballistic Missile Treaty 2250:2021 (Defense Authorization) 1556:Marine Mammal Protection Act 1468:Clean Air Amendments of 1970 1088:Supplemental Security Income 1030:Education Amendments of 1972 2255:2021 (American Rescue Plan) 1533:Coastal Zone Management Act 1291:Consumer Product Safety Act 1074:National Cancer Act of 1971 712:1970 Lincoln Memorial visit 655:Presidency of Richard Nixon 614:Presidency of Richard Nixon 337: 334: 309: 306: 281: 278: 253: 250: 225: 222: 2486: 1695:Senate Watergate Committee 1275:Permissible exposure limit 1053:Rehabilitation Act of 1973 798:Presidential Proclamations 392:10.1177/027507409802800303 189:Inflation-adjusted numbers 1727: 1584:Oil Pollution Act of 1973 1203:Fair Credit Reporting Act 1000:Revised Philadelphia Plan 959:Threshold Test Ban Treaty 1734:← Johnson administration 1367:Agricultural Act of 1970 910:1973 Chilean coup d'Ă©tat 619:templates for discussion 576:Internal Revenue Service 462:"Tax Reform Act of 1969" 1632:Saturday Night Massacre 1374:Farm Credit Act of 1971 1344:Alternative minimum tax 194:Corrected for inflation 183:Alternative Minimum Tax 157:Alternative Minimum Tax 145:Alternative Minimum Tax 46:Alternative Minimum Tax 2384:1922: Fordney–McCumber 1686:United States v. Nixon 1337:Tax Reform Act of 1969 1014:Native American policy 993:Family Assistance Plan 421:Office of Tax Analysis 154: 141: 97: 21:Tax Reform Act of 1969 2245:2020 (Appropriations) 2235:2020 (Families First) 2225:2018 (Appropriations) 1743:Ford administration → 1245:Smithsonian Agreement 768:Judicial appointments 149: 136: 70: 2470:1969 in American law 2308:1828: "Abominations" 1648:White House Plumbers 602:Full text of the Act 2369:1909: Payne–Aldrich 2359:1894: Wilson–Gorman 1702:impeachment process 1618:Operation Sandwedge 1353:Revenue Act of 1971 1153:1970 VRA Amendments 901:Shanghai CommuniquĂ© 894:1972 visit to China 846:Paris Peace Accords 818:International trips 698:Second inauguration 54:professionalization 2389:1930: Smoot–Hawley 2288:1791: Hamilton III 1625:Operation Gemstone 924:1972 Moscow Summit 680:First inauguration 101:private foundation 16:US federal tax law 2452: 2451: 2293:1792: Hamilton IV 2283:1790: Hamilton II 2180:2010 (PL 111-312) 2175:2010 (PL 111–240) 1753: 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Index

Pub. L.
91–172
United States
Richard Nixon
Alternative Minimum Tax
professionalization
the United States Department of the Treasury
private foundation
Alternative Minimum Tax
Alternative Minimum Tax
Corrected for inflation
Inflation/year
Inflation
Inflation
Inflation
Inflation
Inflation
doi
10.1177/027507409802800303
S2CID
154688158
"Revenue Effects of Major Tax Bills, Working Paper 81"
United States Department of the Treasury
26 U.S.C.
§ 509
"Tax Reform Act of 1969"
General explanation of the Tax reform act of 1969, H.R. 13270, 91st Congress, Public Law 91-172
7
OL
5739112M

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