A bill to amend the Internal Revenue Code of 1954 to provide reductions in individual tax rates which are conditioned on reductions in the levels of Federal expenditures.
Tax Reduction Act of 1979 - Amends the Internal Revenue Code to lower individual income tax rates. Provides that the scheduled reductions in such rates shall not take effect if, after adoption of the second concurrent resolution on the Congressional budget, Federal expenditures exceed specified percentages of the gross national product during such years or if Congress declares that such reductions are not warranted due to the state of the economy or a national emergency.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line