A bill to amend the Internal Revenue Code of 1954 to provide a maximum individual income tax rate of 50 percent.

Amends the Internal Revenue Code to require the Secretary of the Treasury to prescribe income tax tables for taxpayers so that the highest rate of tax does not exceed 50 percent of taxable income for calendar years beginning in 1984. Phases in such rate over a period of 3 years beginning with 65 percent in calendar year 1981, with 5 percent decrements through 1984.