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The act lowered federal income tax rates , decreasing the number of tax brackets and reducing the top tax rate from percent to percent.
The act also expanded the earned income tax credit , the standard deduction, and the personal exemption, removing approximately six million lower-income Americans from the tax base. This was the first time in U. Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences. The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing such legislation was seen as a triumph of the American people. Working holiday makers and working holiday taxable income 4. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. No Matter Where You Live!
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