Page:United States Statutes at Large Volume 78.djvu/61

 78 STAT. ]

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PUBLIC LAW 88-272-FEB. 26, 1964

Public Law 88-272 AN ACT

February 26, 1964

To amend the Internal Revenue Code of 1954 to reduce individual and corporate income taxes, to malie certain structural changes with respect to the income tax, and for other purposes.

[H. R. 8363]

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

Revenue Act of 19 64.

SECTION 1. DECLARATION BY CONGRESS.

I t is the sense of Congress that the tax reduction provided by this Act through stimulation of the economy, will, after a brief transitional period, raise (rather than lower) revenues and that such revenue increases should first be used to eliminate the deficits in the administrative budgets and then to reduce the jjiiblic debt. To further the objective of obtaining balanced budgets in the near future. Congress by this action, recognizes the importance of taking all reasonable means to restrain Government spending and urges the President to declare his accord with this objective. SEC. 2. SHORT TITLE, ETC. (a) SHORT TITLE.—This Act may be cited as the "Revenue Act

of 1964". (b) AMENDMENT or 1954 CODE.—Except as otherwise expressly

provided, whenever in this Act an amendment or repeal is expressed m terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954.

68 A Stat. 3.

Title I—Reduction Of Income Tax Rates And Related Amendments PART I—INDIVIDUALS SEC. i n. REDUCTION OF TAX ON INDIVIDUALS. (a) INDIVIDUALS OTHER T H A N HEADS or HOUSEHOLDS.—Subsection

(a) of section 1 (relating to rates of tax on individuals other than heads of households) is amended to read as follows: " (a) RATES or TAX ON INDIVIDUALS.— " (1) TAXABLE YEARS BEGINNING I N I 9 6 4, — I n

the case of a taxable year beginning on or after January 1, 1964, and before January 1, 1965, there is hereby imposed on the taxable income of every individual (other than a head of a household to whom subsection (b) applies) a tax determined in accordance with the following table:

"If the taxable income is: Not over $500 Over $500 but not over $1,000 Over $1,000 but not over $1,500 Over $1,500 but not over $2,000 Over $2,000 but not over $4,000 Over $4,000 but not over $6,000 Over $6,000 but not over $8,000 Over $8,000 but not over $10,000

The tax i s: 16% of the taxable income. $80, plus 16.5% of excess over $500. $162.50, plus 17.5% of excess over $1 000. $25oi plus 18% of excess over $1,.500. $340, plus 20% of excess over $2,000. $740, plus 23.5% of excess over $4 000. $1,210, plus 27% of excess over $6,000. $1,750, plus 30.5% of excess over CO OOQ

Over $10,000 but not over $12,000 Over $12,000 but not over $14,000

$2,360, plus 34% of excess over $10,000. $3,040, plus 37.5%, of excess over $12,000.

26 USC 1.

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