A bill to require amendment of the Internal Revenue Code of 1954 to provide a simple income tax with low marginal rates and to require the Secretary of the Treasury to propose legislation to establish such an income tax.

Requires that the Internal Revenue Code be amended to provide that after 1985 all income should be taxed at a rate of 20 percent or less.

Sets forth guidelines for a new income tax scheme. Requires the Secretary of the Treasury to propose legislation to implement this Act.