Revenue Adjustment and Expenditure Ceiling Act

Summary

Revenue Adjustment and Expenditure Ceiling Act - Title I: Revenue Adjustments - Increases, under the Internal Revenue Code, the low income allowance to $2,100 in the case of a joint return or a surviving spouse, $1,700 for a single individual, and $1,050 for a married individual filing a separate return. Changes filing requirements to reflect the increase in the low income allowance. Increases the percentage standard deduction to 16 percent of adjusted gross income, but not to exceed $2,800 in the case of a joint return or surviving spouse, $2,400 for a single individual, and $1,400 for a married individual filing a separate return. Makes technical and conforming amendments relating to withholding allowances based on itemized deductions. Extends for one year, under the Tax Reduction Act, the earned income credit. Allows as a credit against taxable income the greater of: (1) two percent of the taxpayer's income not exceeding $9,000; or (2) $35 multiplied by each exemption for which the taxpayer is entitled to a deduction under exemption provisions for the taxpayer, spouse, and dependents. Prohibits such credit from exceeding the tax imposed. Provides that such credit shall reduce the tax imposed before consideration of other specified credits. Describes special application of the credit determination provisions of this Act to married individuals filing separate returns. Extends the 1975 corporate tax rates and surtax exemption to 1976. Retains, under the Tax Reduction Act, the withholding tables for wages which were in effect on December 10, 1975. Title II: Maximum Budget Outlays for Fiscal 1977 - Restricts to a ceiling of $405,000,000 the maximum budget outlays of the United States during fiscal year 1977.

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1 official file

• Introduced in House

  summary · EN · 18 December 1975

  Open at official source

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