To amend the Internal Revenue Code of 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 ten percent minimum income tax on individual economic income that exceeds the following exemption amounts: (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 (including tax-exempt interest), minus expenses paid or incurred in the production of the income and a reasonable depreciation allowance. Imposes a corresponding ten percent minimum tax on net corporate income in excess of $50,000.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

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