SELF-Tax Plan Act of 1984

Summary

SELF-Tax Plan Act of 1984 - Amends the Internal Revenue Code to provide lower income tax rates for individuals, estates, and trusts and to reduce the number of tax brackets to four (three for estates and trusts). Repeals all the nonrefundable personal tax credits available to individuals. Repeals the earned income credit. Limits to corporations the availability of the tax credit for clinical testing expenses for drugs, the tax credit for producing fuel from nonconventional sources, the tax credit for increasing research activities, and the general business tax credit. Repeals all exclusions from gross income except certain listed exclusions. Repeals provisions relating to dividend reinvestment in public utilities. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Provides that payments for teaching, research, or other services may not be excluded as scholarship or fellowship amounts where the teaching, research, or other services are not required of all candidates for a particular degree as a condition for receiving such degree. Repeals the qualified tuition reduction exclusion. Makes certain exclusions available only to corporations. Repeals all itemized deductions for individuals and corporations except certain listed deductions. Repeals the additional personal exemption for age and blindness. Repeals the deduction for all consumer interest other than residential property interest. Includes in the gross income of an individual any unemployment compensation or any government or welfare assistance benefits. Provides that certain employee benefits shall be taken into account in computing FICA taxes, railroad retirement taxes, unemployment taxes, and withholding taxes. Repeals the tax exemption for deposits into, and withdrawals from, the capital construction fund under the Merchant Marine Act, 1936. Repeals the capital gains deduction for individuals. Limits the individual deduction of capital losses to a maximum of $3,000. Eliminates the distinction between short-term and long-term gains and losses based on holding period. Sets forth capital gains and losses provisions which are applicable only to corporations. Directs the Secretary of the Treasury to conduct a study on how the incorporation into the tax system of certain tax principles relating to the taxation of income from a trade or business, the taxation of corporations, the elimination of preferential tax treatment for specific industries, and the taxation of individuals would affect the national economy, Federal revenues, and the competitive balance between corporations and unincorporated trade and businesses.

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1 official file

• Introduced in Senate

  summary · EN · 3 October 1984

  Open at official source

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