A bill to amend the Internal Revenue Code of 1954 to provide for a 50 per cent maximum rate of income tax for individuals, to provide for a separate computation of such tax on personal service income and nonpersonal service income, and for other purposes.

Summary

Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals. Requires separate computation of personal service income and non-personal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any individual with more than $10,000 in tax-preference.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 30 January 1980

  Open at official source

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