Revenue and Expenditure Control Act of 1968
E750147
The Revenue and Expenditure Control Act of 1968 was a U.S. federal law that temporarily increased income taxes and sought to restrain government spending in order to address budget deficits and inflation during the Vietnam War era.
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf | United States federal statute ⓘ |
| affects |
corporate income tax
ⓘ
individual income tax ⓘ |
| aimedAt |
curbing aggregate demand
ⓘ
stabilizing the U.S. economy ⓘ |
| appliesToJurisdiction |
United States of America
ⓘ
surface form:
United States
|
| belongsToCategory |
1968 in American law
ⓘ
United States federal budget legislation ⓘ United States federal taxation legislation ⓘ |
| chamberInvolved |
United States House of Representatives
ⓘ
United States Senate NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| economicOrientation | contractionary fiscal policy ⓘ |
| enactmentPeriod |
Great Society era
NERFINISHED
ⓘ
Vietnam War NERFINISHED ⓘ |
| hasComponent |
expenditure control provisions
ⓘ
temporary income tax surcharge ⓘ |
| hasEffect |
increased federal income tax liabilities for corporations
ⓘ
increased federal income tax liabilities for individuals ⓘ reduced growth of federal spending ⓘ |
| historicalContext | Vietnam War-era economic policy ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| language | English ⓘ |
| legalForm | Act of Congress ⓘ |
| legislativeBody | United States Congress ⓘ |
| motivatedBy |
concerns about inflation
ⓘ
concerns about rising federal budget deficits ⓘ |
| policyArea |
fiscal policy
ⓘ
public finance ⓘ tax policy ⓘ |
| presidentAtEnactment | Lyndon B. Johnson NERFINISHED ⓘ |
| purpose |
to combat inflation
ⓘ
to finance Vietnam War-related spending pressures ⓘ to reduce the federal budget deficit ⓘ to restrain federal government expenditures ⓘ |
| regulates | federal government expenditures ⓘ |
| relatedTo |
Great Society domestic programs
NERFINISHED
ⓘ
Vietnam War NERFINISHED ⓘ |
| shortDescription | U.S. law imposing a temporary income tax surcharge and expenditure restraints in 1968 ⓘ |
| signedBy | Lyndon B. Johnson ⓘ |
| targetedProblem |
federal budget deficit
ⓘ
inflationary pressures ⓘ |
| temporalScope | temporary tax increase ⓘ |
| timePeriod | 1960s ⓘ |
| typeOfTaxChange | surtax on existing income tax ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.