A bill to provide for permanent tax reductions for individuals and businesses in order to expand both job opportunities and productivity in the private sector of the economy.
Jobs Creation Act - Amends the Internal Revenue Code to reduce the individual income tax rates. Allows a credit against the income tax up to $1,000, for ten percent of the increase in the total savings deposits and investments since the end of the previous year.
Excludes all corporate dividends received by individuals from gross income. Reduces the corporate normal tax rate to 20 percent.
Allows the taxpayer to take a deduction for specified percentages of the acquisition costs of certain types of property, with a corresponding reduction in basis, in lieu of a depreciation deduction.
Doubles the corporate surtax exemption to $100,000.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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