Long title | An Act to reduce individual and business income taxes and to provide tax simplification and reform. |
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Acronyms (colloquial) | TRSA |
Nicknames | Intergovernmental Anti-recession Assistance Act |
Enacted by | the 95th United States Congress |
Effective | May 23, 1977 |
Citations | |
Public law | 95-30 |
Statutes at Large | 91 Stat. 126 |
Codification | |
Titles amended | 26 U.S.C.: Internal Revenue Code |
Legislative history | |
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The Tax Reduction and Simplification Act of 1977 was passed by the 95th United States Congress and signed into law by President Jimmy Carter on May 23, 1977. [1]
It replaced the percentage standard deduction and minimum standard deduction with a single standard deduction of $3,200 (joint returns) and temporarily extended the general tax credit (maximum of $35/capita or 2% of $9,000 income) through 1978.
James Earl Carter Jr. is an American politician and humanitarian who served as the 39th president of the United States from 1977 to 1981. A member of the Democratic Party, he was the 76th governor of Georgia from 1971 to 1975, and a Georgia state senator from 1963 to 1967. At age 99, Carter is the oldest living former U.S. president and the longest-lived president in U.S. history.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and minting coins, while the treasury executes currency circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The Act was enacted by the 97th US Congress and signed into law by US President Ronald Reagan. The Accelerated Cost Recovery System (ACRS) was a major component of the Act and was amended in 1986 to become the Modified Accelerated Cost Recovery System (MACRS).
The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986.
The United States Department of Education is a cabinet-level department of the United States government. It began operating on May 4, 1980, having been created after the Department of Health, Education, and Welfare was split into the Department of Education and the Department of Health and Human Services by the Department of Education Organization Act, which President Jimmy Carter signed into law on October 17, 1979.
Budget reconciliation is a special parliamentary procedure of the United States Congress set up to expedite the passage of certain federal budget legislation in the Senate. The procedure overrides the Senate's filibuster rules, which may otherwise require a 60-vote supermajority for passage. Bills described as reconciliation bills can pass the Senate by a simple majority of 51 votes or 50 votes plus the vice president's as the tie-breaker. The reconciliation procedure also applies to the House of Representatives, but it has minor significance there, as the rules of the House of Representatives do not have a de facto supermajority requirement. Because of greater polarization, gridlock, and filibustering in the Senate in recent years, budget reconciliation has come to play an important role in how the United States Congress legislates.
The Energy Policy Act of 2005 is a federal law signed by President George W. Bush on August 8, 2005, at Sandia National Laboratories in Albuquerque, New Mexico. The act, described by proponents as an attempt to combat growing energy problems, changed US energy policy by providing tax incentives and loan guarantees for energy production of various types. The most consequential aspect of the law was to greatly increase ethanol production to be blended with gasoline. The law also repealed the Public Utility Holding Company Act of 1935, effective February 2006.
Jimmy Carter's tenure as the 39th president of the United States began with his inauguration on January 20, 1977, and ended on January 20, 1981. Carter, a Democrat from Georgia, took office following his narrow victory over Republican incumbent president Gerald Ford in the 1976 presidential election. His presidency ended following his landslide defeat in the 1980 presidential election to Republican Ronald Reagan, after one term in office. Aged 99, he is the oldest living, longest-lived and longest-married president, and has the longest post-presidency. He is also the fourth-oldest living former state leader.
The Act to Prevent Pollution from Ships is a United States law that implements the provisions of MARPOL 73/78 and the annexes of MARPOL to which the United States is a party. The most recent U.S. action concerning MARPOL occurred in April 2006, when the U.S. Senate approved Annex VI, which regulates air pollution. Following that approval, in March 2007, the House of Representatives approved legislation to implement the standards in Annex VI, through regulations to be promulgated by Environmental Protection Agency in consultation with the U.S. Coast Guard.
Nuclear Non-Proliferation Act of 1978, 22 U.S.C. § 3201, is a United States federal law declaring that nuclear explosive devices pose a perilous threat to the security interests of the United States. The law restricts U.S. export of civil nuclear programs to other nations.
The Arms Control and Disarmament Act of 1961, 22 U.S.C. § 2551, was created to establish a governing body for the control and reduction of apocalyptic armaments with regards to protect a world from the burdens of armaments and the scourge of war.
The Economic Stimulus Appropriations Act of 1977 was a stimulus package enacted by the 95th Congress and signed into law by President Jimmy Carter on 13 May 1977. Developed in response to the longest and deepest economic recession post World War II, the primary objective of the stimulus package was to provide the economy with a boost.
Agent Orange Act of 1991 establishes provisions for the National Academy of Sciences to analyze and summarize scientific evidence regarding presumptive military service exposure to defoliants, dioxins, and herbicides, better known as Agent Orange, during the Vietnam War era. The United States Statute endorses an observation of human medical conditions directly related to non-Hodgkin lymphoma, soft-tissue sarcoma, chloracne, and consistent acneform diseases for military personnel who served in the overseas Vietnamese region. The Act of Congress ratifies a medical research compilation of voluntarily contributed blood and tissue samples provided by Vietnam-era veterans serving in Southeast Asia between 1961 and 1975.
Earthquake Hazards Reduction Act of 1977 is a statute formulating a national policy to diminish the perils of earthquakes in the United States. The Act of Congress is a declaration for an earthquake prediction system, national earthquake hazards reduction program, and seismological research studies. The United States public law authorizes States assistance through the provisions of the Disaster Relief Act of 1974.
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub. L.Tooltip Public Law 115–97 (text)(PDF), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. The legislation is commonly referred to in media as the Trump tax cuts. Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. The New York Times has described the TCJA as "the most sweeping tax overhaul in decades".
Strategic and Critical Materials Stock Piling Act of 1939, 50 USC § 98, is a United States federal law establishing strategic materials supply reserves for the United States common defense, industrial demands, and military commitments. The Act of Congress authorize the acquisition of raw material stocks for inventory disposition, rotation, and storage within the United States.
The following is a timeline of the presidency of Jimmy Carter from his inauguration as the 39th president of the United States on January 20, 1977, to December 31, 1977.
Special Central American Assistance Act of 1979 was a United States federal statute established by the 96th United States Congress amending the Foreign Assistance Act of 1961. The Caribbean Basin statute appropriated conditions for cultivating civility, democratization, human rights, and non-interventionism in Central America. The Act of Congress endorsed the Organization of American States embodied by Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. The international organization would serve to exemplify multilateralism in pursuance of denouncing left-wing terrorism, political violence, and third world socialism.
The United States federal state and local tax (SALT) deduction is an itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income.