A bill to amend the Internal Revenue Code 0f 1986 to provide that all individuals and corporations shall pay a minimum tax of not less than 10 percent of economic income.

Summary

Amends the Internal Revenue Code to impose a minimum income tax of ten percent on individual economic income which exceeds the following exemption amount: (1) $50,000 for joint returns; (2) $40,000 for single returns; and (3) $25,000 for married individuals filing separate returns. Defines "economic income" as income received or accrued reduced by the sum of ordinary and necessary expenses paid or incurred in the production of such income plus a reasonable allowance for the diminution in the value of property used in the production of such income. Imposes a ten percent minimum tax on the net income of a corporation exceeding $50,000.

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Documents

1 official file

• Introduced in House

  summary · EN · 11 March 1987

  Open at official source

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