The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon in 1969. Its largest impact was creating the Alternative Minimum Tax, which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
It also established individual and corporate minimum taxes and a new tax schedule for single taxpayers. The Act slightly increased standard deductions and personal exemptions and created more stringent requirements on nonprofit organizations, which many argue drove them to professionalization.[1]
- ^ Frumkin, Peter (1998). "The long recoil from regulation: private philanthropic foundations and the Tax Reform Act of 1969". American Review of Public Administration. 28 (3): 266–286. doi:10.1177/027507409802800303. S2CID 154688158.