A bill to amend the Internal Revenue Code of 1954 to repeal the 25-percent reduction in individual income tax rates and to substitute a 15-percent reduction in such rates consisting of a 7 1/2 percent reduction for 1982, a 5 percent reduction for 1983, and a 2 1/2 percent reduction for 1984, to result in a projected revenue recovery of over 65 billion by 1984.
Revenue Recovery Act of 1981 - Amends the Internal Revenue Code, as amended by the Economic Recovery Tax Act of 1981, to repeal the 25 percent reduction in individual income tax rates. Provides a reduction in such rates of seven and one-half percent in 1982, five percent in 1983, and two and one-half percent in 1984. Requires a five percent withholding reduction on July 1, 1982 and July 1, 1983 to correspond with tax rate reductions.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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