National Dividend Act

Summary

National Dividend Act - Amends the Internal Revenue Code to provide a general corporate income tax deduction for all dividends received, with a limited deduction available for dividends on certain preferred stocks. Provides individuals with a complete income tax exclusion for all dividends received. Limits any increases in the sum of the normal and surtax rates imposed on corporations to 30 percent. Imposes a moratorium for five fiscal years on increases in Federal spending which exceed the inflation rate. Provides for the distribution of all corporate income tax revenue to registered voters through a National Dividend Payment Trust Fund and State financial officers and banks.

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1 official file

• Introduced in House

  summary · EN · 11 July 1977

  Open at official source

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