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 of his net income which exceeds $30,000 for any taxable year.

Amends the Internal Revenue Code to provide that no individual shall pay an income tax of less than ten percent of his adjusted gross income which exceeds $30,000 ($60,000 for married individuals filing jointly).

Provides that for purposes of this Act adjusted gross income shall be computed without regard for the exclusion for interest on government obligations.