SELF-Tax Plan Act of 1983

Summary

Self-Tax Plan Act of 1983 - Amends the Internal Revenue Code to provide simplified tax rates for single and married taxpayers. Imposes a flat tax rate of 25 percent on the income of all corporations. Repeals all specific exclusions from gross income, all deductions and all credits except the following: (1) the credit for tax withheld on wages; (2) the credit for tax withheld on nonresident aliens; (3) the tax exclusion of gifts and inheritances; and (4) the tax exclusion of the income of States and municipalities. Establishes the amount of each personal exemption at $1,000. States that: (1) deductions shall be allowed for business expenses and capital cost recovery; (2) income earned by a trade or business shall be taxed only once; (3) married individuals may file income tax returns separately and be treated in the same manner as single individuals; and (4) no one shall be taxed twice on social security (or other retirement) contributions.

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1 official file

• Introduced in Senate

  summary · EN · 13 April 1983

  Open at official source

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