Publisher's Synopsis
Excerpt from General Explanation of the Revenue Act of 1978: H. R. 13511, 95th Congress; Public Law 95-600
The Act provides new tax cuts of billion in calendar year 197 9 and billion in 1980. The budget effect in fiscal year 197 9, includ ing both the new tax cuts and the extensions of expiring tax cuts, is a revenue reduction of billion.
Of the new tax cuts for 197 9, billion represents cuts in individ ual income tax liabilities, billion represents business income tax cuts and billion represents reductions in capital gains taxes for individuals and corporations.1 The remaining $2 billion in tax cuts for 197 9 relate to certain excise and estate and gift tax changes.
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