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Changes in Standard Deduction and New Tax Credits
The article outlines 1975 tax changes including a higher standard deduction at 16 percent of adjusted gross income up to 2500 for married couples and 1300 for singles. It describes the low income allowance, filing requirements, and credits such as the $30 personal exemption credit, earned income credit up to 10 percent of the first 4000 earned, and the housing credit for qualifying new homes with conditions on purchase and occupancy.
MENTIONED IN THIS ARTICLE
Mrs. T
Mrs. A