Revenue Act of 1971

The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300.

Scheduled increases in the personal exemption amount and percentage standard deduction were accelerated.

The 1971 Revenue Act helped establish the system of presidential public funding used in the United States. The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them.^[1] Beginning with the 1973 tax year, individual taxpayers were able to designate $1 to be applied to the Presidential Election Campaign Fund.^[2]

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References

^ "Public Funding of Presidential Elections Brochure". Federal Election Commission. August 1996. Under the 1971 Revenue Act, the nominee, rather than the party, receives the public funds accumulated through the dollar checkoff. The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them.
^ See line 8, 1973 Form 1040, U.S. Individual Income Tax Return, Internal Revenue Service, U.S. Dep't of the Treasury.

External links

Full text of the Act

Richard Nixon

37th President of the United States (1969–1974)
36th Vice President of the United States (1953–1961)
U.S. Senator from California (1950–1953)
U.S. Representative for CA–12 (1947–1950)

Pre-presidency

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Foreign policy	International trips Nixon Doctrine Vietnam War Cambodian bombing Paris Peace Accords "Peace with Honor" Vietnamization Cold War period Linkage policy Tar Baby Option 1972 visit to China Shanghai Communiqué 1973 Chilean coup d'état Détente 1972 Moscow Summit Anti-Ballistic Missile Treaty SALT I Treaty Prevention of Nuclear War Agreement Threshold Test Ban Treaty Operation CHAOS Space exploration
Domestic policy	Family Assistance Plan Revised Philadelphia Plan Minority Business Development Agency Native American policy Alaska Native Claims Settlement Act Education Amendments of 1972 Federal Supplemental Educational Opportunity Grants Title IX Rehabilitation Act of 1973 Equal Educational Opportunities Act of 1974 Equal Employment Opportunity Act of 1972 National Cancer Act of 1971 End Stage Renal Disease Program Supplemental Security Income Health Maintenance Organization Act of 1973 Drug Abuse Prevention and Control Act Shafer Commission War on Drugs Drug Enforcement Administration Cannabis policy Federal Contested Elections Act Federal Election Campaign Act 1970 VRA Amendments District of Columbia Home Rule Act Legislative Reorganization Act of 1970 Congressional Research Service
Economic policy	Bank Secrecy Act Fair Credit Reporting Act National Highway Traffic Safety Administration Urban Mass Transportation Act of 1970 Federal-Aid Highway Act of 1973 Nixon shock Economic Stabilization Act of 1970 Smithsonian Agreement Occupational Safety and Health Act National Institute for Occupational Safety and Health Occupational Safety and Health Administration Permissible exposure limit U.S. Consumer Product Safety Commission Consumer Product Safety Act Lead-Based Paint Poisoning Prevention Act Poison Prevention Packaging Act of 1970 Public Health Cigarette Smoking Act Securities Investor Protection Act Securities Investor Protection Corporation Tax Reform Act of 1969 Alternative minimum tax Revenue Act of 1971 Congressional Budget and Impoundment Control Act of 1974 Agricultural Act of 1970 Farm Credit Act of 1971 Consolidated Farm and Rural Development Act of 1972 Agriculture and Consumer Protection Act of 1973 Federal Energy Administration Emergency Petroleum Allocation Act Emergency Daylight Saving Time Energy Conservation Act Trans-Alaska Pipeline Authorization Act
Environmental policy	Council on Environmental Quality Environmental Quality Improvement Act National Environmental Policy Act Environmental Protection Agency Clean Air Amendments of 1970 Clean Water Act Federal Insecticide, Fungicide, and Rodenticide Act National Ambient Air Quality Standards National Emissions Standards for Hazardous Air Pollutants New Source Performance Standards Noise Control Act Reorganization Plan No. 3 of 1970 National Oceanic and Atmospheric Administration Coastal Zone Management Act Coastal Zone Management Program Great Lakes Water Quality Agreement Marine Mammal Protection Act Marine Protection, Research, and Sanctuaries Act of 1972 Endangered Species Act of 1969 Endangered Species Act of 1973 Oil Pollution Act of 1973 Water Resources Development Act of 1974
Watergate	Timeline Operation Sandwedge Operation Gemstone Saturday Night Massacre CRP White House Plumbers Watergate Seven Enemies List list of opponents White House tapes United States v. Nixon (1974) Senate Watergate Committee impeachment process "I am not a crook" Resignation Pardon