A bill to amend the Internal Revenue Code of 1986 to return the "Peace Dividend" to the taxpayers of the United States in the form of individual rate reductions.
Defense Tax Rebate Act - Title I: Individual Income Tax Provisions - Amends the Internal Revenue Code to reduce the rate of tax on individuals and provide a phase-in for such reductions beginning in 1991 and ending in 1995. Modifies the withholding tables to reflect such reductions.
Title II: Determination of Defense Budget Outlays - Requires the Secretary of the Treasury to report to the Congress on the required rates of tax in any fiscal year in which the reductions in actual defense budget outlays are less than the reductions in Federal revenues by reason of amendments made by this Act.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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