December 31, 1975

Issues In Federal Tax Revision: Tax Developments in 1975

Download Special Report No. 39–Issues In Federal Tax Revision: Tax Developments in 1975

Tax Foundation Special Report No. 39

Shortly after it convened in January, the 94th Congress began consideration of what is expected to be a three-step program of tax revision: (1) anti-recession tax reductions; (2) energy-related tax changes; and (3) general tax “reform.” The first phase of this program was completed with the signing of “The Tax Reduction Act of 1973” by President Ford on March 29.


A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.

A recession is a significant and sustained decline in the economy. Typically, a recession lasts longer than six months, but recovery from a recession can take a few years.