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Tax Reduction Act reshapes standard deduction and credits
The 1977 Tax Reduction and Simplification Act changes tax rules with a $2,200 standard deduction for singles and heads of household and $3,200 for joint filers. It shifts 6.7 million more to itemless filing, expands credits for elderly and low income, and curbs the marriage penalty though not eliminating it. Payroll withholding aligns with June 1, but retroactive sick pay and overseas taxation dates are adjusted.
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