Revenue Act Of 1964 Pros And Cons

Kennedy passed by the 88th united states congress and signed into law by president lyndon b.

Revenue act of 1964 pros and cons. Today is the 49 th anniversary of the revenue act of 1964 the legislation signed into law by president lyndon johnson that contained the tax code changes generally referred to as the kennedy tax cuts president kennedy had emphasized the need for tax reform in his 1963 state of the union address. 88 272 also known as the tax reduction act was a tax cut act proposed by president john f. Or maybe that it s a justified contradiction to the first amendment which from the u s. Kennedy requested the tax cut legislation and deemed it one.

Worthy of note are the following new provisions. Reduced top corporate tax rate from 52 to 48. Fowler to the files conference with chairman wilbur mills re tax program 15 november 1962 jfkl record of department of treasury microfilm print outs rdtmpo roll 48 file. Phased in acceleration of corporate estimated tax payments through 1970.

The united states revenue act of 1964 pub l. Corporate estimated tax payments. The revenue act of 1964 lowered the top individual tax rate to 70 percent and the bottom rate to 14 percent from 20 percent while reducing the corporate tax rate from 52 percent to 48 percent. P basically those who make under favorite answer some pros are that the immigrants are willing to work jobs with low wages and contribute to our economy with tax paying etc.

Surrey s memos to the file 2 27 62 6 15 63. Johnson the act became law on february 26 1964. Reduced individual tax rates top rate dropped from 91 to 70. 1964 revenue act mr.

The revenue act of 1964 president lyndon b. 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. Some cons are that our population is the corporate tax rates also experienced a reduction. In his state of the union address in 1963 president john f.

P p the government would generate tax revenue by instituting a national sales tax on most purchased items 1 2. Or abridging the freedom of. Cons of the 1964 civil rights act when faced with pointing out the cons of the 1964 civil rights act one may feel there aren t many if any. Revenue act of 1964.

The united states revenue act of 1964 pub l. Johnson signed into law on february 26 1964 the revenue act of 1964 hb 8363 after thirteen months of grueling debate in congress. In addition to individual income tax cuts the act slightly reduced corporate tax rates and introduced a minimum standard deduction. To achieve these greater gains one step above all is essential the enactment this year.

The revenue act of 1964 contains a series of base broadening amendments i e provisions which limit special deductions or which tax on the same basis varying types of income regardless of their source.