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The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon on December 30, 1969.Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
President Nixon delivering a speech in 1969 around the time the Family Assistance Plan was introduced. The Family Assistance Plan (FAP) was a welfare program introduced by President Richard Nixon in August 1969, which aimed to implement a negative income tax for households with working parents.
January 21 – President Nixon states his intent to wake early and sleep late to a group of campaign workers. Nixon attends a ceremony for the swearing in of 81 White House staff members. [2] January 22 – George W. Romney resigns as Governor of Michigan to be sworn in as the 3rd Secretary of Housing and Urban Development. [3]
The Tax Foundation recently pegged the proceeds of the 10% tariffs at $300 billion a year. A populist tactic The 1971 episode with Nixon is also evidence of the power of the idea of a tariff to ...
The short-term and long-term capital gains tax rates for the bottom two tax rates, 15% and 28%, respectively, were equal to those tax payers' marginal income tax rates from 1988 until 1997. In 1997, the capital gains tax rates for the bottom two income tax brackets were reduced to 10% and 20% for the 15% and 28% income tax brackets, respectively.
As the US income tax system at the time was highly progressive, the surtax was much higher on those with higher incomes, as a 10% surtax imposed on a tax rate of 20% would result in an overall rate of 22%, and the same surtax imposed on a rate of 50% would result in an overall rate of 55%.
Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000. By 1918, the top rate of the income tax was increased to 77% (on income over $1,000,000, equivalent of $16,717,815 in 2018 dollars [ 24 ] ).
April 16, 1906: Vetoed H.R. 20, an act to change and fix the time for holding the circuit and district courts of the United States for the middle district of Tennessee, in the southern division of the eastern district of Tennessee at Chattanooga, and the northeastern division of the eastern division of Tennessee at Greenville, and for other ...