Date: December 15, 1975
Subject: Revenue Adjustment Act
Description: Passage of the bill to cut federal income taxes by approximately $8 billion in 1976 by extending 1975 tax reductions through June 30, 1976. This is another form of tax rebate without an equivalent reduction in federal spending, and thus increases the federal deficit and generates inflationary pressures.
Result: Bill Passed, 73-19
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