A bill to amend the Internal Revenue Code of 1954 to impose a minimum tax on individuals and corporations.

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) $40,000 for joint returns; (2) $30,000 for single returns; and (3) $20,000 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 $10,000. Disallows any credits against such minimum tax.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

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