PUBLIC
LAW
88-272-FEB.
26,
1964
Public
Law
88-272
AN
ACT
February
26,
1964
To
amend
the
Internal
Revenue
Codeof
1954
to
reduce
individual
and corporate
[H.
R.
8363]
income
taxes,
to
make
certain
structural
changes
withrespect
to
the
income
tax,
and
forother
purposes.
Be
it
enacted
by
the
Senate
and
House ofRepresentatives
of
the
UnitedStates
of
America
in
Congressassembled,
SECTION
1. DECLARATION
BY
CONGRESS.
It
is
the
sense
of
Congress
that
the
tax
reductionprovided
by
this
Act
through
stimulationof the
economy,
will,
after
a
brief
transitional
period,raise
(rather
than
lower)revenues
and
that
such
revenue
increases
should
first
be
used
to eliminatethe
deficits
in
the
administrative
budgets
andthento
reduce
the
piblic
debt.
To
further
the
objective
of
obtaining
balanced
budgetsin the
near
future,
Congress
by
this
action,
recognizes
the
importanceof
taking
all
reasonablemeans
to
restrain
Government
spendingand
urges
the
President
to
declare
his
accord
with
this
objective.
SEC.
2.
SHORT
TITLE,
ETC.
(a)
SHORT
TITLE.-This
Act
may
be
cited
as
the
"RevenueAct
of
1964".
(b)
AMENDMENT
OF
1954
CoDE.-Except
as
otherwise
expressly
provided,
wheneverin
thisAct
anamendment
or
repeal
is
expressed
intermsof
anamendment
to,
or
repeal
of,
a
section
or
other
pro-
vision,
the
reference
shall
be
considered
to
be
made
to
a
section
or
otherprovisionof
the
Internal
Revenue
Code
of
1954.
Title
I-Reduction
Of
Income
TaxRates
And
Related
Amendments
PART
I-INDIVIDUALS
SEC.
111.
REDUCTION
OF
TAX
ON
INDIVIDUALS.
(a)
INDIVIDUALS
OTHER
THAN
HEADS
OF
HouSEHOLDs.-Subseetion
(a)
of
section
1
(relating
to
ratesof
tax
on
individuals
other
than
heads
of
households)
is
amendedto
read
as
follows:
"(a)
RATES
OF
TAx
ON
INDIVIDUALS.-
"(1)
TAXABLE
YEARS
BEGINNING
IN
1964.-Tn
the
case
of
a
taxable
year
beginning
on
or
afterJanuary
1,
1964,
andbefore
January
1,
1965,
there
is
hereby
imposed
on
the
taxable
income
of
every
individual
(other
than
a
head
of
a household
to
whom
subsection
(b)
applies)
a
tax
determinedin
accordance
with
the
followingtable:
"If
thetaxable
income
is:
Not
over
$500
----------------------
Over
$500
but
not
over
$1,000
-------
Over
$1,000
butnot
over
$1,500
------
Over
$1,500
butnot
over
$2,000
------
Over
$2,000
but
not
over
$4,000
------
Over
$4,000
but
not
over
$6,000
------
Over
$6,000
but not
over
$8,000
------
Over
$8,000
butnot
over
$10,000
-----
Over
$10,000
but
not
over
$12,000
....
Over
$12,000
but
not
over
$14,000
----
The
tax
is:
16%
of
the
taxable
income.
$80,
plus
16.5%
of
excessover
$500.
$162.50,
plus
17.5%
of
excess
over
$1,000.
$250,
plus
18%
ofexcessover
$1,500.
$340,
plus
20%
of
excess
over
$2,000.
$740,
plus
23.5%
ofexcess
over
$4,000.$1.210,
plus
27%
of
excess
over
$6,000.
$1,750,
plus
30.5%
of
excess
over
$8,000.
$2,360,
plus
34%
of
excess
over
$10,000.
$3.040.
plus
37.5%
of
excess
over
$12,000.
Revenue
Act
of
1964.
68A
Stat.
3.
26
USC
1.
78
STAT.
]
78 Stat. 19 1964
PUBLIC
LAW
88-272-FEB.
26,
1964
"If
the
taxable
income
is:
I
Over
$14,000
but
not
over
$16,000
-.-
Over
$16,000
butnotover
$18,000
...
Over
$18,000
butnot
over
$20,000
-...
Over
$20,000
but
not
over
$22,000
..
Over
$22,000
but
not
over
$26,000
....
Over
$26,000
but
not
over
$32,000
...
Over
$32,000
but
not
over
$38,000
...
Over
$38,000
butnot
over
$44,000
...
Over
$44,000
but
not
over
$50,000...
Over
$50,000
but not
over
$60,000.-
Over
$60,000
but
not
over
$70,000-...
Over
$70,000
butnot
over
$80,000....
Over
$80,000
but
not
over
$90,000-.,
Over
$00,000
but
not
over
$100,000
-..
Over
$100,000
but
not
over
$200,000_..
Over
$200,000
-----------------
lhe
tax
is:
$3,790,
plus
41%
of
$14,000.
$4,610,
plus
44.5%
ojC
$16,000.
$5,500,
plus
47.5%
of
$18,000.
$6,450,
plus
50.5%
of
$20,000.
$7,460,
plus
53.5%
of
$22,000.
$9,600,
plus
56%
of
$26,000.
$12,960,
plus
58.5%of
$32,000.
$16,470,
plus
61%of
$38,o0.
$20,130,
plus
63.5%
of
$44,000.
$23,940,
plus
66%
of
$50,000.
$30,540,
plus
68.5%/r
of
$60,000.$37,390,
plus
71%
of
$70,000.$44,490,
plus
73.5%
of
$80,000.$51,840,
plus
75%
of
$90,000.
$59,840,
plus
76.5%
of
$100,000.
$135,840,
plus
77%
of
$200,000.
"(2)
TAXABLE
YEARS
BEGINNING
AFTER
DECEMBER
:11,
1964.-11
the
case
of
a
taxableyearbeginning
after
Decemibr
31,
1964,
there
is
hereby
imposed
on
thetaxable
income
of
every
in-'
dividual
(other
than
a
headof
a
householdto
whomsubsection
(b)
applies)
a
tax
determined
in
accordance
with
the
following
table:
"If
he
taxable
income
is:
The
tax
is:
Not
over
$500
---------------------
Over
$1500
but
not
over
$1,000
--------
Over
$1,000
butnot
over
$1,500
Over
$1,500
but
not
over
$2,000
---
Over
$2,000
butnot
over
$4,000
-----
Over
$4,000
but
not
over
$6,000
----
Over
$6,000
but
not
over
$8,000-....
Over
$8,000
but
not
over
$10,000-.-
-
Over
$10,000
but
notover
$12,000-.
Over
$12.000
but
not
over
$14,000...
Over
$14.000
but
notover
$16.000.
Over
$16.000
but
not
over
$1.%000
.
Over
$18,()00
Imt
notover
$2O,0(0
Over
$20,000
it.
iot
over
$22,000_
Over
$22,009I
rit
otover
$26,000
Over
$261.KNlibt
not
over
$32,000
Over
$32.000
lint
iiol,
over
$38.O
.
Over
$38.(0
lut
nol
over
$44.(0
14%
ofthe
taxable
income.
$70,
plus
15%
ofexcessover
$500.
$145,
plus
16%
of
excess
over
$1,000.$225,
plus
17%
of
excess
over
$1,500.
$310,
plus
19%
of
excessover
$2,000.$690,
plus
22%
of
excessover
$4,000.
$1,130,
plus
25%
of
excess
over
$6,000.
$1,630;
plus
28%
of
excess
over
$8,000.
$2,190,
plus
32%
of
excess
over
$10,000.$2,830,
plus
365
of
excessover
$12,000.
$3,550,
plus
39',
iif
ex.ess
,,ver
$14.000.$4,330,
plus
42%.
of
excess
over
$16,000.
$5,170,
plus451
of
excess
over
$18,000.
$6,070,
plus
48r,,
of
excess
over
$20,000.
$7,030,
plus
50%
ofex(ess
over
$22,000.$9,030,
pils
53%'
(if
xcessover
$26,000.
$12,210,ldus
55%
of
excess
over
$82,000.
$15.510,
hlis
.,8%
of
exees
over
$3.000.
[78
STAT.
excess
over
excess
over
excess
over
excess
over
excess
over
excess
over
excess
over
excess
over
exess
over
excess
overexcess
over
excess
over
excessover
excess
over
excess over
excess
over
78 Stat. 20 1964
78
STAT.]
PUBLIC
LAW
88-272
Not over
$1,000
-ot-over-$2
Over
$1,000
but
not
over
$2,000
----
Over
$2,000
but
not
over
$4,000
-----
Over
$4,000
but
not
over
$6,000
-----
Over
$6,000
but
not
over
$,000
....
Over
$8,000
but
not
over
$10,000_--
Over
$10,000
but
not
over
$12,000__
Over
$12,000
but
not
over
$14,000__
Over
$14,000
but
not
over
$16,000--
over
$18,000_
over
$20,000__
over
$22,000-_
over
$24,000-_
over
$26,000__
over
$28,000__
over
$32,000__
over
$36,000-_
over
$38,000__
over
$40,000-_
over
$44,000-_
over
$50,000__
over
$52,000__
over
$60,000--
Over
$16,000
but
notOver
$18,000
but
notOver
$20,000
but
notOver
$22,000
but
notOver
$24,000
but
not
Over
$26,000
but
not
Over
$28,000
but
notOver
$32,000
but
notOver
$36,000
but
notOver
$38,000
but
not
Over
$40,000
but
notOver
$44,000
but
not
Over
$50,000
but
not
Over
$52,000
but
not
16%
of
the
taxable
income.
$160,
plus
17.5%
of
excess
over
$1,000.
$335,
plus
19%
of
excess
over
$2,000.
$715,
plus
22%
of
excess
over
$4,000.$1,155,
plus
23%
of
excess
over
$6,000.
$1,615,
plus
27%
of
excessover
$8,000.
$2,155,
plus
29%
of
excess
over
$10,000.
$2,735,
plus
32%
of
excess
over
$12,000.$3,375,
plus
34%
of
excess
over
$14,000.
$4,055,
plus
37.5%
of
excess
over
$16,000.$4.805,
plus
39%
of
excess
over
$18,000.$5,585,
plus
42.5%
of
excess
over
$20,000.
$6,435,
plus
43.5%
of
excess
over
$22,000.
$7,305,
plus
45.5%
of
excess
over$24,000.
$8,215,
plus
47%
of
excess
over
$26,000.
$9,155,
plus
48.5%
of
excess
over
$28,000.
$11,095,
plus
51.5%
of excess
over
$32.000.
$13,155,
plus
53%
of
excess
over
$36,000.
$14,215,
plus
54%
of
excess
over
$38,000.
$15,295.
plus
56%
of
excess
over
$40,000.
$17,535,
plus
58.5%
of
excess
over
$44,000.
$21,045,
plus
59.5%
of
excess
over
$50,000.
$22,235,
plus
61%
of
excess
over
$52,000.
"If
the
taxable
income
is:
The
tax
is:
Over
$44,000
but
not
over
$50,000--
$18,990,
plus
60%
of
excess
over$44,000.
Over
$50,000
but
not
over
$60,000-
$22,590,
plus
62%
of
excess
over$50,000.
Over
$60,000
but
not
over
$70,000_--
$28,790,
plus
64%
of
excess
over$60,000.
Over
$70,000
but
not
over
$80,000.-
$35,190,
plus
66%
of
excess
over
$70,000.
Over
$80,000
but
not
over
$90,000--
$41,790,
plus
68%
of
excess
over
$80,000.
Over
$90,000
but
not
over
$100,000--
$48,590,
plus
69%
of
excess
over
$90,000.
Over
$100,000
-------------------
$55,490,
plus
70%
ofexcess
over
$100,000."
(b)
HEADS
oF
HoUsEHoLD.-Paragraph
(1)
of
section
1(b)
G68AStat.
6.
(relating
to
rates
of
tax
on
heads
of
households)
is
amendedto
read
as
follows:
"(1)
RATEs
op
TAX.-
"(A)
TAXABLE
YEARS
BEGINNING
IN
1964.-In
the
case
of
a
taxable
yearbeginning
on
or
afterJanuary
1,
1964,
and
be-
fore
January
1,
1965,
there
is hereby
imposed
on
the
taxable
income
of
every
individual
who
is
the
head
of
a
household
a
tax
determined
in accordance
with
the
following
table:
"Ifthe taxable
income
is:
The
tax
is:
-FEB.
26,
1964
78 Stat. 21 1964
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Revenue Act of 1964 (PL_88-272)
78 STAT. ]
PUBLIC LAW 88-272-FEB. 26, 1964
Public Law 88-272
AN ACT To amend the Internal Revenue Code of 1954 to reduce individual and corporate income taxes, to make certain structural changes with respect to… (More)
PUBLIC LAW 88-272-FEB. 26, 1964
Public Law 88-272
AN ACT To amend the Internal Revenue Code of 1954 to reduce individual and corporate income taxes, to make certain structural changes with respect to… (More)
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