Truth in Taxes Act

Summary

Truth in Taxes Act - Title I: Adjustments in Income Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments in the: (1) individual and corporate income tax rates; (2) personal tax exemption; (3) credit for the elderly; (4) earned income credit; (5) residential energy credit; (6) base amount for calculating amounts of unemployment compensation includible in gross income; (7) interest and dividend exclusion; (8) retirement savings deduction; (9) withholding of tax amounts; and (10) minimum income amounts for which the filing of a tax return is required. Title II: Adjustments in Estate and Gift Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments in the: (1) estate tax rates; (2) unified estate and gift tax credit; (3) limitation on the decrease in estate valuation under rules for valuation based on use; and (4) estate tax marital deduction. Title III: Increase in Certain Excise Taxes - Amends the Internal Revenue Code to require annual cost of living adjustments to the rates of the following excise taxes: (1) gasoline tax; (2) special fuels tax; (3) distilled spirits tax; and (4) cigarette tax.

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1 official file

• Introduced in House

  summary · EN · 30 April 1981

  Open at official source

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