The United States Revenue Act of 1964 (Pub.L. 88-272), also known as the Tax Reduction Act, was a bipartisan tax cut bill signed by President Lyndon Johnson on February 26, 1964. Individual income tax rates were cut across the board by approximately 20%. In addition to individual income tax cuts, the act slightly reduced corporate tax rates and introduced a minimum standard deduction.
Read more about Revenue Act Of 1964: Summary of Provisions, History and Effects
Famous quotes containing the words revenue and/or act:
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“‘Tis much he dares,
And to that dauntless temper of his mind,
He hath a wisdom that doth guide his valor
To act in safety.”
—William Shakespeare (1564–1616)