Revenue Act of 1964

E205806

United States federal statute tax law

The Revenue Act of 1964 was a landmark U.S. federal tax-cut law championed by President Lyndon B. Johnson that significantly reduced individual and corporate income tax rates to stimulate economic growth.

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All labels observed (2)

Label	Occurrences
Revenue Act of 1964 canonical	1
Tax Reduction Act of 1964	1

Statements (49)

Predicate	Object
instanceOf	United States federal statute ⓘ tax law ⓘ
alsoKnownAs	Kennedy tax cut ⓘ Revenue Act of 1964 ⓘ surface form: Tax Reduction Act of 1964
codifiedIn	Internal Revenue Code ⓘ surface form: Internal Revenue Code of 1954
committeeOfOrigin	United States House Committee on Ways and Means ⓘ surface form: House Committee on Ways and Means
component	changes to depreciation rules ⓘ corporate income tax rate reduction ⓘ increase in standard deduction ⓘ individual income tax rate reduction ⓘ reduction in number of income tax brackets ⓘ reduction of corporate tax rate from 52 percent to 48 percent ⓘ reduction of top marginal income tax rate ⓘ withholding tax adjustments ⓘ
corporateTaxRateAfter	48 percent ⓘ
corporateTaxRateBefore	52 percent ⓘ
country	United States of America ⓘ surface form: United States
dateSigned	1964-02-26 ⓘ
economicContext	concerns about economic slowdown in early 1960s ⓘ postwar economic expansion ⓘ
effectiveInTaxYear	1964 ⓘ
enactedBy	88th United States Congress ⓘ
followedBy	Revenue and Expenditure Control Act of 1968 ⓘ
intendedEffect	encourage business investment ⓘ increase consumer spending ⓘ reduce unemployment ⓘ
introducedUnderPresident	John F. Kennedy ⓘ
jurisdiction	United States government ⓘ surface form: United States federal government
legislativeChamberInvolved	United States House of Representatives ⓘ United States Senate ⓘ
longTermImpact	contributed to economic expansion in mid-1960s ⓘ
opposedBy	some conservative Republicans ⓘ
originatedAs	President John F. Kennedy’s tax reform proposal ⓘ
partOf	Great Society ⓘ surface form: Great Society legislative agenda
policyApproach	Keynesian fiscal stimulus ⓘ
politicalPartySupport	Democratic Party ⓘ
precededBy	Revenue Act of 1962 ⓘ
presidentAtSigning	Lyndon B. Johnson ⓘ
primaryObjective	reduce federal income tax rates ⓘ stimulate economic growth ⓘ
publicLawNumber	Public Law 88-272 ⓘ
signedBy	Lyndon B. Johnson ⓘ
sponsoredBy	Wilbur Mills ⓘ
subjectMatter	corporate taxation ⓘ federal income taxation ⓘ fiscal policy of the United States ⓘ
topMarginalIndividualRateAfter	70 percent ⓘ
topMarginalIndividualRateBefore	91 percent ⓘ
yearEnacted	1964 ⓘ

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

88th United States Congress → passed → Revenue Act of 1964 ⓘ

Revenue Act of 1964 → alsoKnownAs → Revenue Act of 1964 ⓘ

this entity surface form: Tax Reduction Act of 1964