Summary of Provisions
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:
- reduced top marginal rate from 91% to 70%
- reduced corporate tax rate from 52% to 48%
- phased-in acceleration of corporate estimated tax payments (through 1970)
- created minimum standard deduction of $300 + $100/exemption (total $1,000 max)
Read more about this topic: Revenue Act Of 1964
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