Tax Reform Act of 1969

The Tax Reform Act of 1969 was a significant law aimed at making the U.S. tax system fairer and more efficient. It introduced measures to close loopholes that allowed some individuals and corporations to avoid paying taxes. The Act also established the private foundation excise tax, which targeted wealthy foundations to ensure they paid out a certain percentage of their assets for charitable purposes. Additionally, it aimed to reduce complexities in the tax code and promoted equal treatment of taxpayers. Overall, the reform sought to enhance both the equity and effectiveness of the federal tax system.