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Income Tax Deductions Shrink Under 1969 Reform Act
Washington AP reports that the 1969 Tax Reform Act cuts federal deductions for many workers starting 1970 with $3.5 billion in 1971. Singles gain more from higher exemptions and standard deduction, while low income and unmarrieds benefit via a special low income allowance. Social Security taxes rise 4.8 to 5.2 percent, and high earners see rate reductions from 70 to 60 percent in 1971 and to 50 percent in 1972.
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