A Bill to amend the Internal Revenue Code of 1954 to provide a counterinflation credit and negative credit on personal income and on business profits, and to provide indirect restraint on prices during the 7-year period beginning in 1979.

Summary

Amends the Internal Revenue Code to allow a "counterinflation" tax credit to businesses which rank among the largest 2,000 firms in the United States in sales and merchandise and to employees of such firms, if the wages paid by such firms in any taxable year are lower than the wage increase target rate prescribed by the Secretary of the Treasury. Requires the imposition of an additional tax (negative credit) upon firms which increase wages in excess of the target rate. Specifies the allowable amount of the counterinflation credit and the negative credit. Imposes an additional tax upon the profits of a firm, if such profits represent an increase in taxable income which is greater than the average rate of increase in wages paid by the firm for the taxable year.

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1 official file

• Introduced in Senate

  summary · EN · 15 October 1978

  Open at official source

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