A bill to amend the Internal Revenue Code of 1954 to increase to $1,200 the personal income tax exemptions of a taxpayer (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness).

Summary

Increases the allowance of deductions for personnal exemptions under the Internal Revenue Code from $650 to $1,200. (Amends 26 U.S.C. 151) Reduces the low income allowance to $1,000, and to $500 in the case of a married individual filing a separate return (presently $1,300 and $650 respectively). Requires individuals having a gross income in excess of $1,200 to file a return unless the individual is not married and has a gross income less than $2,200, or is entitled to make a joint return and has a gross income which when combined with the gross income of his spouse is less than $3,400. (Amends 26 U.S.C. 6012(a)(1)) Provides that a joint return will be deemed to have been filed where only one spouse filed a separate return prior to the making of the joint return and the other spouse had less than $1,200 of gross income ($2,400 in case such spouse was sixty-five or over) for such taxable year on the date of the filing of such separate return. (Amends 26 U.S.C. 6013(b)(3)(A)) States that an employee shall be entitled to withholding allowances with respect to a payment of wages in a number equal to the number determined by dividing by $1,250 the excess of: (1) his estimated itemized deductions, over, (2) an amount equal to the lesser of $2,000 or 15 percent of his estimated wages. (Amends 26 U.S.C. 3402(m)(1))

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1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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