Date: March 26, 1975
Subject: Tax Reduction Act
Description: Adoption of the conference report on the bill to provide $8.1 billion in rebates of 1974 income taxes, cut 1975 taxes $10 billion for individuals and $4.8 billion for business, repeal the oil depletion allowance for major oil companies and restrict tax credits for foreign oil taxes, and provide a $50 bonus payment to Social Security retirement, railroad retirement and supplemental security income (SSI) recipients. Adoption will drastically decrease federal revenue during a period of increased federal spending, thus causing heavy inflationary pressures.
Result: Agreed to, 287-125
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