The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300.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:
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“In my dealing with my child, my Latin and Greek, my accomplishments and my money stead me nothing; but as much soul as I have avails. If I am wilful, he sets his will against mine, one for one, and leaves me, if I please, the degradation of beating him by my superiority of strength. But if I renounce my will, and act for the soul, setting that up as umpire between us two, out of his young eyes looks the same soul; he reveres and loves with me.”
—Ralph Waldo Emerson (1803–1882)