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Revenue And Expenditure Control Act Of 1968
The United States Revenue and Expenditure Control Act of 1968'' created a temporary 10 percent income tax surcharge on both individuals and corporations through June 30, 1969 to help pay for the Vietnam War. It also delayed the scheduled reduction in the telephone and automobile excise tax, causing them to end in 1973 instead of 1969. It was signed into law by President Lyndon Johnson on June 28, 1968. Though overall creating a 10 percent surcharge, as Johnson stated just before signing the bill, "A family of four earning less than $5,000 ($ in dollars) would pay nothing additional. A family making $10,000 ($ in dollars) would pay just $2 ($ in dollars) extra per week". It took into effect for corporations on January 1, 1968, and for individuals on April 1, 1968, being effective until July 1, 1969. As a result of the tax, the Federal Government had a budget surplus in 1969 which would be the last until 1998. The tax has been the third largest 1-year revenue increase adjusted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lyndon Johnson
Lyndon Baines Johnson (; August 27, 1908January 22, 1973), often referred to by his initials LBJ, was an American politician who served as the 36th president of the United States from 1963 to 1969. He had previously served as the 37th vice president from 1961 to 1963 under President John F. Kennedy, and was sworn in shortly after Kennedy's assassination. A Democrat from Texas, Johnson also served as a U.S. representative, U.S. senator and the Senate's majority leader. He holds the distinction of being one of the few presidents who served in all elected offices at the federal level. Born in a farmhouse in Stonewall, Texas, to a local political family, Johnson worked as a high school teacher and a congressional aide before winning election to the U.S. House of Representatives in 1937. He won election to the United States Senate in 1948 after a narrow and controversial victory in the Democratic Party's primary. He was appointed to the position of Senate Majority Whip in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five major unincorporated territories, nine United States Minor Outlying Islands, Minor Outlying Islands, and 326 Indian reservations. The United States is also in Compact of Free Association, free association with three Oceania, Pacific Island Sovereign state, sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Palau, Republic of Palau. It is the world's List of countries and dependencies by area, third-largest country by both land and total area. It shares land borders Canada–United States border, with Canada to its north and Mexico–United States border, with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the List of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surtax
A surtax is a tax levied upon another tax, also known as tax surcharge. Canada The provincial portion of the value-added tax on goods and services in two Canadian jurisdictions, Québec and Prince Edward Island, was formerly calculated as a surtax on the sticker price plus the federal Goods and Services Tax. On Prince Edward Island, provincial sales tax was assessed at 10% on top of the federal tax (as of 2013) of 5%, resulting in a total effective rate of 15.5% at the time of its repeal. Taxe de Vente de Québec was 9.5%, also assessed on top of the federal tax of 5%, resulting in a total tax burden of 14.975; it, too, was changed in 2013 so as no longer to be a surtax. United Kingdom In 1929, the supertax (which had been introduced in the Finance Act 1909 at the rate of 6 old pence in the pound (2.5%) on incomes over £5,000 per year) was renamed to surtax. By 1934, the rate was variable from 1 shilling to 7 shillings and sixpence in the pound (5% to 37.5%). It was repla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e. by an '' ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through List of company registers, registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue share capital, stock, or by whether they are formed to make a profit (accounting), profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this article) or ''corporation sole, sole'' (a legal entity consisting of a sing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vietnam War
The Vietnam War (also known by #Names, other names) was a conflict in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. It was the second of the Indochina Wars and was officially fought between North Vietnam and South Vietnam. The north was supported by the Soviet Union, China, and other communist states, while the south was United States in the Vietnam War, supported by the United States and other anti-communism, anti-communist Free World Military Forces, allies. The war is widely considered to be a Cold War-era proxy war. It lasted almost 20 years, with direct U.S. involvement ending in 1973. The conflict also spilled over into neighboring states, exacerbating the Laotian Civil War and the Cambodian Civil War, which ended with all three countries becoming communist states by 1975. After the French 1954 Geneva Conference, military withdrawal from Indochina in 1954 – following their defeat in the First Indochina War – the Viet Minh to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Telephone
A telephone is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly. A telephone converts sound, typically and most efficiently the human voice, into electronic signals that are transmitted via cables and other communication channels to another telephone which reproduces the sound to the receiving user. The term is derived from el, τῆλε (''tēle'', ''far'') and φωνή (''phōnē'', ''voice''), together meaning ''distant voice''. A common short form of the term is ''phone'', which came into use early in the telephone's history. In 1876, Alexander Graham Bell was the first to be granted a United States patent for a device that produced clearly intelligible replication of the human voice at a second device. This instrument was further developed by many others, and became rapidly indispensable in business, government, and in households. The essential elements of a telephone are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automobile
A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods. The year 1886 is regarded as the birth year of the car, when German inventor Carl Benz patented his Benz Patent-Motorwagen. Cars became widely available during the 20th century. One of the first cars affordable by the masses was the 1908 Model T, an American car manufactured by the Ford Motor Company. Cars were rapidly adopted in the US, where they replaced animal-drawn carriages and carts. In Europe and other parts of the world, demand for automobiles did not increase until after World War II. The car is considered an essential part of the developed economy. Cars have controls for driving, parking, passenger comfort, and a variety of lights. Over the decades, additional features and controls have been added to vehicles, making them progressively more comple ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise Tax
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is levied at the moment of manufacture rather than at sale. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try to recover their loss by raising the price paid by the eventual buyer of the goods. Excises are typically impo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Budget Surplus And Deficit From 1965-1971
Federal or foederal (archaic) may refer to: Politics General *Federal monarchy, a federation of monarchies *Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states or regional governments that are partially self-governing; a union of states *Federal republic, a federation which is a republic *Federalism, a political philosophy *Federalist, a political belief or member of a political grouping * Federalization, implementation of federalism Particular governments *Federal government of the United States **United States federal law **United States federal courts *Government of Argentina * Government of Australia *Government of Pakistan *Federal government of Brazil *Government of Canada *Government of India *Federal government of Mexico * Federal government of Nigeria * Government of Russia *Government of South Africa * Government of Philippines Other *''The Federalist Papers'', critical early arguments i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1971
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.See line 8, 1973 Form 1040, U.S. Individual Income Tax Return, Internal Revenue Service, U.S. Dep't of the Treasury. See also *Federal Election Campaign Act of 1971 The Federal Election Campaign Act of 1971 (FECA, , ''et seq.'') is the primary United States federal law regulating political campaign ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
