To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax and to change to a more territorial method of taxing corporations.
Rising Tides Act of 2011 - Amends the Internal Revenue Code to: (1) reduce from 35% to 23% the maximum income tax rate for corporations, including personal service corporations; and (2) repeal certain requirements and limitations on the tax deduction for cash dividends received by a corporation which is a U.S. shareholder from a controlled foreign corporation and make such deduction permanent.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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