A bill to amend the Internal Revenue Code of 1954 to provide tax relief to low-and middle-income taxpayers and to provide increased incentives for expanded investment.
Emergency Tax Relief Act- Increases the percentage standard deduction under the Internal Revenue Code by 2 percent (to 17 percent) up to a maximum of $2500 for taxable years 1975 and thereafter.
Increases the low-income allowance to $1800 ($900 in the case of a married individual filing separately).
Increases the amount of the personal exemption from $750 to $900. Increases the amounts of withholding exemptions applicable to the percentage method of withholding for the purpose of collecting income taxes at the source.
Allows a taxpayer who maintains a household in the United States which is his principal place of abode a credit in the amount of 1.5 percent of his wages subject to social security taxes up to a maximum credit of $211.50. Allows advance refund of such credit quarterly by filing an election with the Secretary of the Treasury.
Increases the investment credit from 7 percent to 10 percent.
Introduced in Senate
Referred to Senate Committee on Finance.
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