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Issues In Federal Tax Revision: Tax Developments in 1975

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

TaxA 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. 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-recessionA 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. 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.