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Newspaper
Cameron Herald
Location
Cameron, Texas, United States of America
Date
Dec 25, 1975
Page
7
The new legislation expands the low income allowance to 1600 for singles 11900 for joint filers and 950 for separate filers plus 750 per exemption. It raises standard deductions to 16 percent of AGI with caps of 2300 2600 and 1300. Taxpayers should compare standard versus itemized deductions and plan for 1976 changes in child and dependent care.
New tax rules let working or job-seeking taxpayers deduct up to 400 dollars a month for caring for a child, a disabled dependent, or a disabled spouse as an itemized deduction. The alteration avoids a per month deduction drop as income rises but does not raise the maximum monthly amount.
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