A bill to amend the Internal Revenue Code of 1954 to provide a more graduated tax rate for corporations.

Summary

Amends the Internal Revenue Code to reduce the corporate tax rate schedule to read as follows: (1) 17 percent of taxable income which does not exceed $50,000 (currently $25,000); (2) 20 percent of such income between $50,000 and $100,000 (currently between $25,000 and $50,000); (3) 30 percent of such income between $100,000 and $150,000 (currently between $50,000 and $75,000); (4) 40 percent of such income between $150,000 and $200,000 (currently between $75,000 and $100,000); and (5) 46 percent of the excess over $200,000.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 August 1980

  Open at official source

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