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The Good And The Bad Of The New Tax Act
Washington details of the 1977 Tax Reduction and Simplification Act. It introduces a standard deduction for non itemizers, a simplified tax figure table, and credits for the aged blind and low income workers. It raises some taxes for higher earners while expanding eligibility for many taxpayers to use the standard deduction. The reform shifts withholding timing and broadens exemptions, with broader relief for sick pay and overseas income, plus provisions for oil producers and farm corporations.
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