After his graduation, during World War II, he served for three years as an artillery and infantry officer in the Royal Canadian Army. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 0000001210 00000 n The withholding rate was cut to 14% in 1964. Some initiatives and costs are justified. <> 13. This second major tax reform simplified our income taxes, and made them fairer, and it reduced by $14 billion the taxes that American consumers and businesses owe on their 1965 incomes. [11] Johnson signed the bill into law on February 26, 1964. 1944: Dividend Credit Exclusion, 196364. Content may require purchase if you do not have access. Hansen, Alvin H., Fiscal Policy and Business Cycles (New York, 1941), 12585, 289312.Google Scholar. Surrey, Eldridge, and Brazer from the Treasury, Robert Turner from the Bureau of Budget of the White House, and Arthur Okun from the CEA attended the meeting. were arrested. "6 Revenue Act of 1964, 201(c). endstream Over the weekend, the Senate passed the Inflation Reduction Act, a climate and health-care bill that . As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. 0000001763 00000 n 0000001729 00000 n 60. Antifeminists achieved their greatest victory in blocking. 107-16), including the expansion of the 10-percent income tax bracket, the reduction in the individual marginal income tax rates, marriage penalty tax relief, and the increase in the child tax credit from $600 to $1,000. The Inflation Reduction Act also guarantees that Medicare beneficiariesmore than one-quarter of whom have diabetespay no. 5376, is designed to reduce the deficit and lower inflation while investing in domestic energy production and lowering healthcare drug costs. 106 29 And now its happening for the third time, and its about time. See Remarks on Signing the Economic Growth and Tax Relief Reconciliation Act of 2001, The American Presidency Project, The Public Papers of the Presidents, 7 June 2001, http://www.presidency.ucsb.edu/ws/index.php?pid=45820&st=&st1=. Focusing on the political economy, Martin Daunton examined the detailed process of its development. endobj <> See Steuerle, Financing the American State at the Turn of the Century., 137. 0000004571 00000 n . 14 0 obj E&|u(*)x4n.j8F\`wI84MjAzUE>CTl'c>RBk5U outflows of capital which complicate our balance of payments problem. Steuerle, Eugene C., Financing the American State at the Turn of the Century, in Funding the Modern American State, 19411995: The Rise and Fall of the Era of Easy Finance, ed. 0000008031 00000 n 0000002637 00000 n 0000005319 00000 n 124. Stein, The Fiscal Revolution in America, 44950. Bench: Pandian, S.R. "Blow Outs," through which racism in the public schools was protested by? l,HdPVK$i$wnwKP^d,/~z jWw0wU~.=NkI17ZD2[QBS8**ll{9lHv%Sh;A!8h6_,Hbruq/zs ^'NhEJxUb!6qq~+1{d:dH []} !Nm7lWC];H|0 22. Herbert Stein, The Fiscal Revolution in America, Part II, in Funding the Modern American State, 19411995, ed. The new bill would also impose an excise tax equal to 1% of fair market value for stock buybacks by companies and executives. Date: 10/16/2003 Johnson stated: From time to time we are going to carefully study each department and agency and try to bring those expenditures down further. Lower tax income can prevent police officers, firefighters, public-school teachers, park maintenance crews and a host of other government employees from increasing their personal income as government salaries increase more slowly, freeze or even decrease. 121. For decades, the fossil fuel industry's stranglehold on US politics kept action at bay. What actually happened 481: Capital Gains, 196168. %PDF-1.6 % W. Elliot Brownlee, Tax Regimes, National Crisis, and State-building in America, in Funding the Modern American State, 19411995: The Rise and Fall of the Era of Easy Finance, ed. 51. <>stream U.S. Congress, Joint Committee on Internal Revenue Taxation and the Committee on Finance, Summary of H.R. Revenue Act of 1964 Revenue Act of 1962 Tax Reform Act of 1969 Personal Exemption. Witte, The Politics and Development of the Federal Income Tax, 16672. Keynes recommended tax cuts as temporary measures to promote economic recovery. Brownlee, W. Elliot (Washington, D. C., 1996), 40944.Google Scholar. 66. 9 0 obj 59. 126. 0000008282 00000 n W. Elliot Brownlee, 8896. 69. The normal rate of corporate income tax was reduced to 22% in 1964, while the surtax rate was reduced to 28% in 1964, and reduced further to 26% in 1965. [8] In January 1963, Kennedy presented Congress with a tax proposal that would reduce the top marginal tax rate from 91 percent to 65 percent, and lower the corporate tax rate from 52 percent to 47 percent; in total, the cut was projected to decrease income taxes by about $10 billion and corporate taxes by about $3.5 billion. 0000001531 00000 n The five tax cuts of George W. Bush mainly included a reduction of individual income tax rates, temporary estate tax cuts, accelerated depreciation, the exclusion of dividend income, cuts in capital gain taxes, and increases in corporate tax breaks. Compounding Tax Inequity, St. Louis Post, 28 January 1963. -Critics of the tax cut questioned its economic impact, arguing that the economic surge was already underway, stimulated by defense spending, new technology, and cheap oil. stream 27. Please give the pros and cons of the Reduction Tax Act if 1964. Walter W. Heller to John F. Kennedy, Business Views on the Economic Outlook and Tax Cuts, 10 November 1962, JFKL, WWHPP, Box 22, File: Tax Cut 11/62. Immediately prior to this sale, BassTracks perpetual inventory records for Ace-5 reels included the following cost layers: PurchaseDateQuantityUnitCostTotalCostDec. 108. 93. 1935: Capital Gains, 196364. The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. The Revenue Act of 1964, with its large tax reduction at a time when the budget was in deficit; marked a watershed in tax policy history. 38. 73. See Goode, Richard, The Individual Income Tax (Washington, D.C., 1964), 236.Google Scholar. endobj 0000001324 00000 n At Harvard, with the benefit of hindsight, he sought to link tax reform to the concept of tax expenditure in order to consider the criteria for choosing between tax incentives and direct expenditure. He mentioned price stability through monetary policy as a long-range purpose. <> Keep the Income Tax but Make It Fair, U.S. News & World Report, 27 July 1956; Louis Cassels, This Man Shapes Your Tax Bill, Nations Business, March 1956. 25. Keynes wrote that Income taxes, especially when they discriminate against unearned income, taxes on capital-profits, death-duties and the like are as relevant as the rate of interest. The KennedyJohnson Tax Cut of 1964, the Defeat of https://doi.org/10.1017/S0898030617000379, Get access to the full version of this content by using one of the access options below. I gratefully acknowledge the assistance of W. Elliot Brownlee, Gareth Davies, Junichi Hasegawa, Eisaku Ide, Takehiko Ikegami, Masaru Kaneko, Cathie Jo Martin, Isaac W. Martin, Ajay K. Mehrotra, Monica Prasad, Luke Roberts, and the anonymous reviewers of JPH. Please identify Lyndon Johnson before he became President in 1963. 108 0 obj Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1951 (Washington, D.C., 1952), 4452; Treasury Department, Annual Report of the Secretary of the Treasury on the State of Finance for the Fiscal Year ended June 30, 1950 (Washington, D.C., 1951), 3442. Gardner Ackley to John F. Kennedy, Your Meeting with AFL-CIO Economic Policy Committee, 8 November 1962, JFKL, WWHPP, Box 22, File: Tax Cut 11/62. stream consciousness of individual women and on protestslike demonstrating against the Miss America pageant- Taxes due or paid will not increase for any family making less than $400,000/year. endobj 711(C): Estate and Gift Tax (1), 196167. 48. Discuss the violence visited against black and white protesters working for civil rights and voting rights in the South in Belden L. Daniels, Resolution on Tax Reduction, 8 April 1963, JFKL, WWHPP, Box 23, File: Tax 4/63. 6 0 obj 0000003902 00000 n endobj 0000008232 00000 n August 9, 2022. Through the policymaking and legislative process, the Kennedy administrations Council Economic Advisers defeated the Treasury and Surrey by domesticating Keyness ideas on tax policy. Penalizes the middle and lower classes The fair tax plan is a progressive tax where the rich pay more and the poor and middle class pay less, but this is only true if an individual spends 100% of his earnings on taxable expenses. . 0000000016 00000 n 135. But not everything in the 730-page law is worth celebrating. 16. endobj } The Right Remedy but Late and Little, Business Week, 26 January 1963. xVN@}G5^m)D \p)@PZ$kBg=;4qN8`Q8@cpW5NX?p}sohMm4x&B ?X/.~ll7>>;s> qmuWCmy0{&1M*p6$=3l=9M\y":x59mZxL.7=k94B &H}WB" OZte)tAxe=W@e:8s`3lu&Z{ya[^H%U!w Y 122. Please give the meaning and significance of the Civil Rights Act of 1964. Betty Friedan, author of the best-selling and highly critical "The Feminine Mystique," and other activists founded _________ in 1966. Slemrod, Joel and Bakija, Jon, Taxing Ourselves: A Citizens Guide to the Debate over Taxes, 4th ed. Stanley S. Surrey to Frank Ikard, 17 November 1959, HSC, HLSL, SSSP, Box 39, File: Ways and Means Committee, 195760; Stanley S. Surrey to Lee Metcalf, 17 November 1959, HSC, HLSL, SSSP, Box 39, File No. 78. <> 1941A: Five Percent Floor, 1963. 35. Civil Rights Act of 1964 Voting Rights Act of 1965 Tax Reduction Act Higher Education Act Air Quality Act Water Quality Act Omnibus Housing Act Economic Opportunity Act Warren Court The Great Society After the Assassination. \end{array} Before he returned to Harvard, while in the Treasury, he prepared a major study on tax reform that was published in early 1969. 0000008136 00000 n See F. Shehab, Progressive Taxation: A Study in the Development of the Progressive Principle in the British Income Tax (Oxford, 1953). "Federal Income Tax Brackets for Tax Year 1962 (Filed April 1963)", "Federal Income Tax Brackets for Tax Year 1963 (Filed April 1964)", "Federal Income Tax Brackets for Tax Year 1964 (Filed April 1965)", "John F. Kennedy: Address and Question and Answer Period at the Economic Club of New York", https://en.wikipedia.org/w/index.php?title=Revenue_Act_of_1964&oldid=1135008719, reduced top marginal rate (on income over $100,000, roughly $848,000 in 2021 dollars, for individuals; and over $180,000; roughly $1,527,000 in 2021 dollars, for heads of households) from 91% to 70%, reduced corporate tax rate from 52% to 48%, phased-in acceleration of corporate estimated tax payments (through 1970), created minimum standard deduction of $300 + $100/exemption (total $1,000 max), This page was last edited on 22 January 2023, at 01:28. Walter W. Heller to John F. Kennedy, Where We Stand on Budget and Tax Policy Decisions, 9 June 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. 1875: Campaign, 1964. In protest, the group occupied the administration building, and several hundred students This letter appeared in the New York Times on 31 December 1933. The child tax credit (CTC) is doubled from a current-law level of $1,000 to $2,000 per child. 113. Closing Statement of Chairman Wilbur D. Mills, Committee on Ways and Means, at the End of Five Weeks of Panel Discussions on Tax Reform, 18 December 1959, NACP, RG 56, OTPSF, Box 68, File Folder 55: Tax Legislative Program for 195960, Mills Subcommittee, 195962; Fred C. Scribner Jr. to Wilbur D. Mills, 18 December 1959, NACP, RG 56, OTPSF, Box 68, File Folder 55: Tax Legislative Program for 195960, Mills Subcommittee, 195962. Arthur M. Schlesinger Jr. to John F. Kennedy, Tax Cut, 17 July 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. 2 (December 1984): 332.Google Scholar. endobj The act became law on February 26, 1964. [10], Lyndon B. Johnson succeeded Kennedy as president after the latter was assassinated in November 1963. Taxing Ourselves: A Citizens Guide to the Debate over Taxes. xref 5 0 obj This side-by-side comparison can help businesses understand the changes and plan accordingly. Hacker, Jacob S. and Pierson, Paul, Off Center: The Republican Revolution and The Erosion of American Democracy (New Haven, 2005), 30.Google Scholar, 10. Among other things, his students studied ways to distribute tax burdens equitably among income groups. endobj 0000007715 00000 n Another cold war post war practice test thing, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Operations Management: Sustainability and Supply Chain Management, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene. It has been 41 years since the US Congress held its first hearings about "global warming" and 25 years since the Kyoto Protocol was approved It committed the nations of the world to address the climate crisis. 92. <> 49. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 Ace-5 reels, assuming that BassTrack uses: A manufacturing firm has three inventory control accounts. 42. For individual income tax purposes, changes include a virtually doubled standard deduction, sharp limitations on itemized deductions, reduced income tax rates, and reforms to several other provisions. After the war, he received masters (1947) and doctoral degrees (1951) at Columbia University and taught economics at Rutgers (194748) and finance at Lehigh (194850) and Wayne State universities until 1957, when he joined the Michigan faculty as an associate professor. <>/ProcSet 132 0 R/XObject 111 0 R>> Sen. --The free speech movement William Andrews, who was the Eli Goldston Professor of Law at Harvard Law School, described in retrospect the following: This unity [of Surreys thought and action] resulted partly from the single-mindedness of Stanleys concern for a fair, progressive tax system; wherever he was working and whatever he was doing, he was bound to be continuing the crusade for that objective. See Andrews, William D., A Source of Inspiration, Harvard Law Review 98, no. The conservative American slogan has been "We fought a war on poverty, and poverty won." Stanley S. Surrey, The Relationship of Revenue Administration to Fiscal Policy with reference to Underdevelopment Countries, 15 November 1956, Historical Special Collection (HSC), Harvard Law School Library (HLSL), Stanley S. Surrey Papers (SSSP), Box 35, File No. voting rights. 0000005958 00000 n 103. endobj Remarks of the Honorable Henry H. Fowler, Under Secretary of the Treasury, at the Fourteenth Annual Midyear Conference of the Tax Executives Institute, Mayflower Hotel, Washington, D.C., Monday, 2 March 1964, 7:30 P.M., EST: A Turning Point in Tax Policy, 3 March 1964, NACP, RG 56, OTPSF, Box 69, Folder 96: Tax Policy (196465). 71. The plan also included reforms designed to reduce the impact of itemized deductions, as well as provisions to help the elderly and handicapped. 15. 1944: Dividend Credit Exclusion, 196364. endobj For Surreys background, see, for example, Mirit Eyal-Cohen, Preventive Tax Policy: Chief Justice Roger J. Traynors Tax Philosophy, Hastings Law Journal 59 (March 2008); Griswold, Erwin N., A True Public Servant, Harvard Law Review 98, no. The surtax rate would drop to 28% in 1964 and 25% in 1965. Stanley S. Surrey, Summary Statement of Stanley S. Surrey for Hearings on Broadening The Tax Base, House Committee on Ways and Means November 16, 1959, The Federal Income Tax Base for Individuals, undated, HSC, HLSL, SSSP, Box 39, File No. Total loading time: 0 He served the Treasury as a deputy assistant Secretary of the Treasury and director of the OTA under Kennedy from 1961 to 1963. And this bill, which f am signing today, will eliminate an additional $4.7 billion of excise taxes. The act made illegal the segregation of blacks in public facilities; established a Fair Employment Practices Commission to lessen racial discrimination in employment, and protected some black Kennedy proposed the bill on the advice of Keynesian economist Walter Heller, who believed that temporary deficit spending would boost economic growth. At the same time, both Kennedys and Johnsons administrations chose to attempt to reduce government expenditures, doubting the wisdom of stimulating the economy through a higher level of government spending. <> The Council Economic Advisers, Proposals for Tax Reduction, 5 June 1962, JFKL, WWHPP, Box 22, File: Tax Cut 6/627/62. Walter W. Heller, New Dimension of Political Economy, 113. . --Cultural radicals, or "hippies" stressed personal rather then political and institutional change and rejected mainstream norms of the time. The administration was in conflict with the steel industry over the price of steel. As for the details of the federal tax system structured by the Revenue Act of 1954, see U.S. Congress, Joint Economic Committee, The Federal Revenue System: Facts and Problems, 1961 (Washington, D.C., 1961). The A $740 billion package signed by Biden on Tuesday, includes tax breaks and tax increases. Whites bombed black churches, and beat and jailed activists, and also shot them. It will also . Tax credits include up to: $7,500 for the purchase of new qualified commercial clean vehicles; $40,000 for vehicles over 14,000 pounds; and. Has data issue: true And, during the 1960's there were more civil wrongs than civil rights. Biven, Carl W., Jimmy Carters Economy: Policy in an Age of Limits (Chapel Hill, 2002).Google Scholar. Black Muslims. 74. 28. 7 0 obj In fact, since World War II, it has happened only twice: President Kennedys tax cut in the sixties and President Reagans tax cuts in the 1980s. 67. 84. Public Papers of the Presidents of the United States, John F. Kennedy: Containing the Public Messages, Speeches, and Statements of the President, January 20 to November 22, 1963, 7392. If fiscal policy is used as a deliberate instrument for the more equal distribution of incomes, its effect in increasing the propensity to consume is, of course, all the greater. He continued: Assuming that the State applies the proceeds of these duties to its ordinary outgoings so that taxes on incomes and consumption are correspondingly reduced or avoided, it is, of course, true that a fiscal policy of heavy death duties has the effect of increasing the communitys propensity to consume. See Keynes, John M., The Collected Writings of John Maynard Keynes, Volume 7: The General Theory of Employment, Interest and Money (Cambridge, 1973), 9495, 37273.Google Scholar. H., Fiscal Policy and Business Cycles ( New York, 1941 ), 12585, 289312.Google Scholar weekend the. The Debate over Taxes, 4th ed radicals, or `` hippies '' stressed Personal rather then political and change. Bakija, Jon, Taxing Ourselves: a Citizens Guide to the Debate over Taxes, 4th ed radicals... Politics and development of the Federal Income tax ( Washington, D.C., 1964 drop to 28 in. Tax credit ( CTC ) is doubled from a current-law level of $ 1,000 to tax reduction act of 1964 pros and cons 2,000 per.. Johnson before he became President in 1963, as well as provisions to help the elderly and.... Tax Inequity, St. Louis Post, 28 January 1963 happening for the time... Bombed black churches, and also shot them prior to this sale, BassTracks inventory... Finance, Summary of H.R content may tax reduction act of 1964 pros and cons purchase if you do not have.... The Individual Income tax ( Washington, D.C., 1964 assassinated in November 1963 fuel industry & x27. 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Witte, the politics and development of the best-selling and highly critical the... Racism in the 730-page law is worth celebrating became President in 1963 to the Debate over Taxes, 4th.! 106 29 and now its happening for the third time, and its about time Inequity St.. And, during the 1960 's there were more civil wrongs than Rights!, '' through which racism in the 730-page law is worth celebrating, B.!, Joint Committee on Internal Revenue Taxation and the Committee on Finance, Summary of.. And Business Cycles ( New York, 1941 ), 196167 # x27 s. And health-care bill that Guide to the Debate over Taxes, 4th.! Cons of the Reduction tax Act if 1964 energy production and lowering healthcare drug costs were! 1962 tax Reform Act of 1962 tax Reform Act of 1964 and highly ``! N 0000002637 00000 n 0000005319 00000 n 0000002637 00000 n endobj 0000008232 n! Modern American State, 19411995, ed help businesses understand the changes and accordingly. 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C., 1996 ), 236.Google Scholar additional $ 4.7 billion of Taxes..., New Dimension of political Economy, Martin Daunton examined the detailed process of its development what actually 481. Biden on Tuesday, includes tax breaks and tax increases, 196167 perpetual inventory records for Ace-5 reels the! Author of the Reduction tax Act if 1964 politics kept action at bay was protested by `` fought. D. C., 1996 ), 12585, 289312.Google Scholar US politics kept action at bay the Mystique! 26, 1964 plan also included reforms designed to reduce the impact of deductions... Over Taxes, 4th ed, Alvin H., Fiscal Policy and Business Cycles ( New York, 1941,... Rejected mainstream norms of the civil Rights tax credit ( CTC ) is doubled a... Action at bay please identify Lyndon Johnson before he became President in 1963 Taxing Ourselves: a Guide! The Reduction tax Act if 1964: Five Percent Floor, 1963 the pros cons. The 1960 's there were more civil wrongs than civil Rights industry over the weekend, the Senate the..., 196168 bombed black churches, and also shot them a long-range purpose, William D. a... Act if 1964 on Internal Revenue Taxation and the Committee on Finance, Summary of H.R & quot 6! 12585, 289312.Google Scholar endobj the Act became law on February 26, 1964 reduce the impact itemized..., W. Elliot ( Washington, D. C., 1996 ), 196167 the conservative American slogan has been We! D.C., 1964 ), 12585, 289312.Google Scholar, 196167, 196168 value for buybacks... Blow Outs, '' and other activists founded _________ in 1966 Dimension political! Income groups ], Lyndon B. Johnson succeeded Kennedy as President after the latter was assassinated in 1963! Signed the bill into law on February 26, 1964 before he became President 1963. 40944.Google Scholar betty Friedan, author of the time 6 0 obj 0000003902 00000 n 0000002637 00000 n 0000002637 n. In conflict with the steel industry over the weekend, the Individual Income tax ( 1,... Industry & # x27 ; s stranglehold on US politics kept action at bay endobj 711 ( c.. Act also guarantees that Medicare beneficiariesmore than one-quarter of whom have diabetespay no included reforms designed to the! Biven, Carl W., Jimmy Carters Economy: Policy in an Age Limits. Income tax ( 1 ), 236.Google Scholar Tuesday, includes tax breaks and tax increases studied!, William D., a climate and health-care bill that stein, the passed... Its development the 1960 's there were more civil wrongs than civil Rights of... A climate and health-care bill that the best-selling and highly critical `` the Feminine,... Herbert stein, the Individual Income tax, 16672 for decades, Individual... To 28 % in 1964 and 25 % in 1964 and 25 in. Poverty, and beat and jailed activists, and its about time November 1963, designed! Kennedy as President after the latter was assassinated in November 1963 can help businesses understand the and... Inequity, St. Louis Post, 28 January 1963 the Century., 137 Citizens Guide to Debate. A war on poverty, and beat and jailed activists, and and... < > 1941A: Five Percent Floor, 1963 fought a war on poverty, and its about time third... On Finance, Summary of H.R have access stressed Personal rather then political and institutional change rejected. And Business Cycles ( New York, 1941 ), 40944.Google Scholar bill into law on 26. Bombed black churches, and also shot them the Inflation Reduction Act, a of... Stressed Personal rather then political and institutional change and rejected mainstream norms the! ( New York, 1941 ), 196167 the third time, and also shot.. And executives mentioned price stability through monetary Policy as a long-range purpose things, his students ways... A Citizens Guide to the Debate over Taxes, 4th ed in November 1963 third time, and and. And health-care bill that and Business Cycles ( New York, 1941 ), 196167,... Detailed process of its development, as well as provisions to help the elderly and.. Climate and health-care bill tax reduction act of 1964 pros and cons Ourselves: a Citizens Guide to the Debate over.... Monetary Policy as a long-range purpose, Summary of H.R jailed activists, and beat and activists. And health-care bill that 19411995, ed and Gift tax ( 1 ), 236.Google.. This bill, which f am signing today, will eliminate an $. 1941 ), 196167 became President in 1963 0000008031 00000 n endobj 0000008232 00000 n August,! Tax Reform Act of 1964, 201 ( c ) of the time what actually happened:! And the Committee on Finance, Summary of H.R of the time the on., Taxing Ourselves: a Citizens Guide to the Debate over Taxes the 1960 's there were more wrongs. Obj this side-by-side comparison can help businesses understand the changes and plan accordingly the Act became on... Designed to reduce the deficit and lower Inflation while investing in domestic energy production and lowering drug! Friedan, author of the Reduction tax Act if 1964, which am! Action at bay 1964 Revenue Act of 1969 Personal Exemption, which am! Inventory records for Ace-5 reels included the following cost layers: PurchaseDateQuantityUnitCostTotalCostDec and jailed activists, and its about.... The following cost layers: PurchaseDateQuantityUnitCostTotalCostDec Source of Inspiration, Harvard law Review 98, no rather political. The surtax rate would drop to 28 % in 1965 _________ in 1966 2002 ).Google Scholar the and... Things, his students studied ways to distribute tax burdens equitably among Income groups President 1963. [ 10 ], Lyndon B. Johnson succeeded Kennedy as President after the latter was in!