A bill to amend the Internal Revenue Code of 1954 to provide for a reduction of individual income taxes if the national rate of unemployment increases 1 percentage point above the rate of unemployment on January 1, 1979.

Summary

Amends the Internal Revenue Code to provide for a reduction of individual income tax rates by requiring the Secretary of the Treasury to increase the amount of taxable income in all categories whenever, for any month of a calendar year after 1979, the rate of unemployment is one percentage point above the rate of unemployment for December, 1971. Requires the Secretary to increase the amount of taxable income in the tax tables in such event by: (1) $3,400 for married couples filing jointly and surviving spouses; (2) $2,300 for heads of households or unmarried individuals; and (3) $1,700 for married individuals filing separately and estates and trusts. Limits the Secretary's action to only the first such month in a year if otherwise more than one month in such year would trigger application of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 16 October 1979

  Open at official source

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