Date: March 21, 1975
Subject: Tax Reduction Act
Description: Passage of the bill to cut taxes by $30.4 billion, to increase corporate taxes by $3.7 billion through repeal of the oil and gas depletion allowance and tightening of the tax treatment on foreign income, and to provide a $100 payment to each recipient of Social Security and certain other federal benefits. Passage will drastically decrease federal revenue during a period of rising federal spending, thus causing heavy inflationary pressures. The net result will be that federal spending programs will be paid for by the hidden and cruel tax of inflation.
Result: Bill Passed, 60-29
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