A bill to amend the Internal Revenue Code of 1954 to provide that no individual shall pay an income tax of less than 10 percent on his income and to provide that industrial development bond income shall not be excluded from gross income.

Provides that no individual shall pay a tax, under the Internal Revenue Code, of less than 10 percent of his income for the taxable year by reason of the tax exempt source of all or part of such income.

Provides that any industrial development bond issued after December 31, 1971, shall not be considered an obligation of a State, territory, trust, or other possession of the United States, the interest from which shall not be included as gross income.

Provides that in the case of a joint return of a husband and wife if the tax imposed by the Internal Revenue Code exceeds $5, then the tax imposed shall be reduced (but not below $5) by $200, that in the case of heads of households the tax shall be reduced by $150 (but not below $5), and that in the case of single persons not heads of households, it shall be reduced by $100 (but not below $5).