A bill to amend the Internal Revenue Code of 1954 to repeal withholding on interest and dividends and, in order to compensate for revenue reductions resulting from such repeal, to repeal certain changes in the windfall profit tax on domestic crude oil enacted by the Economic Recovery Tax Act of 1981, to increase to 55 percent the maximum rate of income tax on individuals, and to repeal the exclusion for net savings.

Amends the Tax Equity and Fiscal Responsibility Act of 1982 to repeal the provision which requires the withholding of tax on interest and dividends.

Repeals the exemption of royalty oil and stripper well oil from the windfall profit tax on domestic crude oil. Provides that the windfall profit tax on newly discovered oil shall be 30 percent, after June 30, 1983.

Increases the maximum rate of income tax for individuals to 55 percent. Repeals the provisions of the Economic Recovery Tax Act of 1981 relating to the partial exclusion of interest income.