Revenue Act of 1971
Encyclopedia
The United States
Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile
excise tax, and increased the minimum standard deduction
from $1,000 to $1,300.
Scheduled increases in the personal exemption amount and percentage standard deduction were accelerated.
The 1971 Revenue Act helped establish the system of presidential public funding used in the United States. The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them
. Beginning with the 1973 tax year, individual taxpayers were able to designate $1 to be applied to the Presidential Election Campaign Fund
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...
excise tax, and increased the minimum standard deduction
Standard deduction
The standard deduction, as defined under United States tax law, is a dollar amount that non-itemizers may subtract from their income and is based upon filing status. It is available to US citizens and resident aliens who are individuals, married persons, and heads of household and increases every...
from $1,000 to $1,300.
Scheduled increases in the personal exemption amount and percentage standard deduction were accelerated.
The 1971 Revenue Act helped establish the system of presidential public funding used in the United States. The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them
. Beginning with the 1973 tax year, individual taxpayers were able to designate $1 to be applied to the Presidential Election Campaign Fund
Presidential election campaign fund checkoff
The presidential election campaign fund checkoff appears on US income tax return forms as the question Do you want $3 of your federal tax to go to the Presidential Election Campaign Fund?...
.
See also
- Federal Election Campaign Act of 1971Federal Election Campaign ActThe Federal Election Campaign Act of 1971 is a United States federal law which increased disclosure of contributions for federal campaigns. It was amended in 1974 to place legal limits on the campaign contributions...