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Tax Reform Bill Nears Completion in 1964
The Johnson administration nears completion of a tax reform package, overhauling estate and gift taxes after 25 years. The plan shifts tax burdens without boosting Treasury windfalls, targets oil depletion allowances, exemptions, and special preferences, and would replace many deductions with flat personal exemptions for the elderly, affecting about 28 million people with tax cuts and 16 million currently taxed individuals remaining unaffected.
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