Revenue Act of 1971

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The United States Revenue Act of 1971 reinstated the investment tax credit, repealed the 7% automobile excise tax, and increased the minimum standard deduction from $1,000 to $1,300.

Scheduled increases in the personal exemption amount and percentage standard deduction were accelerated.

[edit] Inflation-adjusted numbers

Corrected for inflation by CPI:

1971 dollars	2005 dollars
$1,000	$4,822
$1,300	$6,269

Tax Acts of the United States

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