Tax Reduction and Simplification Act of 1977
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The Tax Reduction and Simplification Act of 1977 was passed by the 95th United States Congress and signed into law by President Jimmy Carter on May 23, 1977.[1]
Quick Facts Long title, Acronyms (colloquial) ...
Long title | An Act to reduce individual and business income taxes and to provide tax simplification and reform. |
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Acronyms (colloquial) | TRSA |
Nicknames | Intergovernmental Anti-recession Assistance Act |
Enacted by | the 95th United States Congress |
Effective | May 23, 1977 |
Citations | |
Public law | 95-30 |
Statutes at Large | 91 Stat. 126 |
Codification | |
Titles amended | 26 U.S.C.: Internal Revenue Code |
Legislative history | |
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It replaced the percentage standard deduction and minimum standard deduction with a single standard deduction of $3,200 (joint returns) and temporarily extended the general tax credit (maximum of $35/capita or 2% of $9,000 income) through 1978.