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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation. [1] [2]
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 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 ...
December 29 – The White House announces President Nixon will make progression on a tax reform bill that also increases Social Security benefits by 15% before leaving for a vacation in California. [191] December 30 – President Nixon signs a tax reform bill into law, critiquing measures of the bill in an accompanying statement. [192]
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 ...
10 11461 Inspection of income, estate, and gift tax returns by the Committee on Public Works, House of Representatives March 27, 1969 11 11462 Providing for the closing of Government departments and agencies on March 31, 1969, and for the granting of administrative leave on March 28, 1969 March 28, 1969 12 11463
On Prince Edward Island, provincial sales tax was assessed at 10% on top of the federal tax (as of 2013) of 5%, resulting in a total effective rate of 15.5% at the time of its repeal. [2] The Quebec Sales Tax was 9.5%, also assessed on top of the federal tax of 5%, resulting in a total tax burden of 14.975; it, too, was changed in 2013 so as no ...