The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300.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.
Famous quotes containing the words revenue and/or act:
“Happy are those who find wisdom, and those who get understanding, for her income is better than silver, and her revenue better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called happy.”
—Bible: Hebrew, Proverbs 3:13-18.
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—Anne Sexton (1928–1974)