Tax schedules outline Ford tax cut proposals for 1975
The Treasury releases schedules showing how tax would change if Congress approves Ford rate cuts. For incomes above 32000 X and Y or 28000 Z no rate change occurs. schedules list taxable income, current tax, and proposed tax after cuts. A second item notes the unveiling of a Lyndon B. Johnson bust in the Texas Capitol by Lady Bird Johnson and Lt. Gov. Hobby.
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Ford proposes tax breaks favoring low and middle incomes
President Ford's plan would deliver larger tax cuts to low and middle earners than high income taxpayers to offset higher energy costs. A family of four earning 10 000 to 15 000 would save about 349, with energy taxes rising about 250. The plan includes a $2 600 income allowance and a 12 percent 1974 rebate with two installments.
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R. Gregory Nokes
Washington
Ford
Frank Zarb
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