Self-Tax Plan Act of 1982

Summary

SELF-Tax Plan Act of 1982 - Amends the Internal Revenue Code to repeal all the income tax tables. Provides for an income tax rate of 18 percent for earnings between $17,500 and $50,000 and 25 percent for earnings over $50,000. Imposes a flat tax rate of 20 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. Decreases the amount of each personal exemption to $600. 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 a joint return but the marriage penalty shall be eliminated; and (4) no one shall be taxed twice on social security contributions.

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1 official file

• Introduced in Senate

  summary · EN · 20 May 1982

  Open at official source

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