Revenue Act of 1978

Revenue Act of 1978

The United States Revenue Act of 1978, Pub. L. No. 95-600, 92 Stat. 2763 (Nov. 6, 1978), amended the Internal Revenue Code by reducing individual income taxes (widening tax brackets and reducing the number of tax rates), increasing the personal exemption from $750 to $1,000, reducing corporate tax rates (the top rate falling from 48 percent to 46 percent), increasing the standard deduction from $3,200 to $3,400 (joint returns), increasing the capital gains exclusion from 50 percent to 60 percent (effectively reducing the rate of taxation on realized capital gains to 28%), and repealing the non-business exemption for state and local gasoline taxes.

The Act was passed by the 95th Congress and was signed into law by President James Carter on November 6, 1978.

The Act also established Flexible spending accounts, which allow employees to receive reimbursement for medical expenses from untaxed income dollars.

Inflation-adjusted numbers

[http://minneapolisfed.org/Research/data/us/calc/index.cfm Corrected for inflation] by CPI:


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • Revenue Act — A number of tax related laws enacted by the United States Congress have been called the Revenue Act: * Revenue Act of 1766 * Revenue Act of 1861 * Revenue Act of 1862 * Revenue Act of 1894 * Revenue Act of 1913 * Revenue Act of 1916 * Revenue Act …   Wikipedia

  • Water Resources Development Act of 1986 — The Water Resources Development Act of 1986 (WRDA 1986) is part of USPL|99|662, a series of acts enacted by Congress of the United States on November 17, 1986. [ [http://thomas.loc.gov/cgi bin/bdquery/D?d099:1:./temp/ bdVNjS:@@@D summ2=m… …   Wikipedia

  • Controlled Substances Act — Acronym CSA Enacted by the 91st United States Congress Effective October 27, 1970 Citations Public La …   Wikipedia

  • Inland Revenue Department (New Zealand) — Infobox Government agency agency name = Inland Revenue Department nativename r = Te Tari Taake logo width = 250px formed = preceding1 = preceding2 = jurisdiction = Taxation in New Zealand headquarters = Wellington, New Zealand employees = 5,358… …   Wikipedia

  • Commissioner of Internal Revenue — Douglas Shulman, who has been Commissioner of Internal Revenue since March 24, 2008. The Commissioner of Internal Revenue (or IRS Commissioner) is the head of the Internal Revenue Service (IRS),[1] a bureau within the United States Department of… …   Wikipedia

  • USA PATRIOT Act, Title III, Subtitle B — The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, with the third title ( Title III: International Money Laundering Abatement and Financial Anti Terrorism Act… …   Wikipedia

  • Dodd–Frank Wall Street Reform and Consumer Protection Act — Full title An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end too big to fail , to protect the American taxpayer by ending bailouts, to protect consumers… …   Wikipedia

  • Interstate Commerce Act of 1887 — The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopolistic practices.[1] The Act required that railroad rates be reasonable and just, but did not empower… …   Wikipedia

  • USA PATRIOT Act, Title III — The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections. Title III: International Money Laundering Abatement and Financial Anti… …   Wikipedia

  • National Information Infrastructure Protection Act — The National Information Infrastructure Protection Act (Pub.L. 104 294, 110 Stat. 3488, enacted October 11, 1996; H.R. 3723) was Title II of the Economic Espionage Act of 1996, as an amendment to the Computer Fraud and Abuse… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”