Crane Tithe Tax Act of 1987

Summary

Crane Tithe Tax Act of 1987 - Amends the Internal Revenue Code to repeal: (1) the corporate income tax; (2) the corporate minimum tax; (3) the tax on unrelated business income of tax-exempt organizations; (4) the tax on accumulated earnings of a corporation; (5) the personal holding company tax; (6) the alternative tax for certain mutual savings banks; (7) the tax on life insurance companies; (8) the tax on certain mutual insurance companies; (9) the tax on certain types of insurance companies; (10) the tax on regulated investment companies; (11) the tax on real estate investment trusts; and (12) the tax on income of foreign corporations connected with U.S. businesses. Revises the individual income tax to impose a ten percent tax on the earned income of an individual in excess of a $10,000 exemption amount. Provides for annual cost-of-living adjustments to such exemption amount. Defines "earned income" as: (1) wages, salaries, and other employee compensation; (2) the amount of net earnings from self-employment; and (3) the amount of dividends from a personal service corporation or which are otherwise directly or indirectly compensation for services. Exempts from earned income: (1) any amount received as a pension or annuity; and (2) tips. Provides for a general amnesty for any tax (or for penalties and interest with respect to such tax) for any taxable year ending on or before January 6, 1987. Repeals all specific exclusions from gross income, all deductions, and all income tax credits to the extent related to the computation of individual income tax liability. Repeals the estate and gift taxes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 6 January 1987

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.