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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.
The Revenue and Expenditure Control Act of 1968 is a United States law that created a temporary 10 percent income tax surcharge for both individuals and corporations through June 30, 1969, to help pay for the Vietnam War. It also delayed a scheduled reduction in the telephone and automobile excise tax, causing them to end in 1973 instead of ...
The pressure began to intensify on the United States to leave Bretton Woods. On August 11, Britain requested $3 billion in gold be moved from Fort Knox to the Federal Reserve in New York. [12] By August 15, Nixon declared that there were only 10,000 metric tons of gold remaining, or less than half of the reserves the U.S. once held. [12]
December 30 – President Nixon signs a tax reform bill into law, critiquing measures of the bill in an accompanying statement. [192] President Nixon arrives in San Clemente, California and announces his intent to change his voting residence to the state instead of the current New York. [193]
The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
Donald Trump wants to apply "universal baseline tariffs" of 10% that would apply to most foreign products coming into the US. Richard Nixon tried the same thing more than five decades ago.
January 24 – President Nixon sends Congress a special message in which he says the new budget would require spending US$7.6 billion on education. [ 22 ] January 25 – It is reported Treasury Secretary Shultz has decided to resign and two friends mention he will be out of the administration by either March 15 or April 1.
To meet the balance of payments crisis to maintain balance between imports and exports.The United States happens the first trade deficit in 1970’s. The Nixon administration implemented, to meet the balance of payments crisis, the "new economic policy" and announced a levy of foreign imports of 10% of all import surcharges;