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A SUMMARY Major Provisions of the Tax Reform Act of 1969 by Herbert Sirowitz The Tax Reform Act of 1969—enacted December 30, 1969—contains many of the original proposals for tax reform, considerably altered in some instances, plus scores of other changes, which combine to produce what may be the most extensive overhaul of the Internal Revenue Code in the nation's history. Some tax reform items, debated at length in Congress, did not become part of the final compromise version of the legislation. For example, tax-exempt bonds generally were not affected. The 6-month holding period for capital gains remained unchanged as did the tax treatment of so-called intangible drilling costs and qualified retirement plan benefits of professional corporations. On the other hand, a new concept has been introduced to the tax law— a minimum tax to be imposed on certain income from preferential sources. In addition, private foundations are subjected to a 4 percent excise on investment income plus other taxes and sanctions. Many taxpayers will have their tax bills increased as a result of the repeal of the 7 percent investment credit, the reduction in the 271/2 percent oil depletion allowance to 22 percent, the curtailed use of the alternative tax rate on long-term capital gains, and various other revenue producing measures. Individual taxpayers stand to benefit from a series of tax relief provisions, such as reduced tax rates for the single person and head of household, an increase in the standard deduction, and larger personal exemptions. Furthermore, a special new maximum tax rate will apply to earned income—salaries, professional fees and the like. The following pages briefly set forth some of the major provisions of the 1969 Act. The law itself contains many other provisions, including numerous exceptions and conditions. 16
Object Description
Title |
Major provisions of the tax reform act of 1969: a Summary |
Author |
Sirowitz, Herbert |
Subject |
United States. Tax Reform Act of 1969 |
Citation |
Tempo, Vol. 16, no. 1 (1970, spring), p. 16-21 |
Date-Issued | 1970 |
Source | Originally published by: Touche Ross, & Co. |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF page image with corrected OCR scanned at 400 dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi Library. Accounting Collection |
Date-Digitally Created | 2010 |
Language | eng |
Identifier | Tempo_1970_Spring-p16-26 |