A bill entitled the "Savings Expansion Act of 1981".

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 nonpersonal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any taxpayer with more than $10,000 in tax preference items.

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Timeline

1. 8 April 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 8 April 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 8 April 1981

  Open at official source

Sponsors

• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Rep. Kasten, Robert W., Jr. [R-WI-9] · R · Sponsor
• · ssfi00 · Standing

Related records

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