A bill to amend the Internal Revenue Code of 1954 to provide a permanent income tax rate reduction for individuals, to increase the amount of the credit for personal exemption to $70.
Tax Reduction Act - Reduces the individual income tax rates. Increases the maximum general tax credit. Allows a limited income tax exclusion for interest earned on withdrawable accounts and securities. Increases the amounts allowed for personal exemptions to $1,000.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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