A bill to amend the Internal Revenue Code of 1954 to reduce the tax effect known as the marriage penalty by permitting the deduction, without regard to whether deductions are itemized, of 20 percent of the earned income of the spouse whose earned income is lower than that of the other spouse.

Summary

Amends the Internal Revenue Code to allow married individuals filing jointly an income tax deduction from gross income equal to 20 percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $4,000 for the taxable years.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 January 1981

  Open at official source

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