A bill to amend the Internal Revenue Code of 1954 to provide that a 10-percent income tax rate shall apply to all individuals and to increase the deduction for personal exemptions from $1,000 to $2,500.
Flat Rate Tax Act of 1983 - Amends the Internal Revenue Code to repeal the income tax tables. Provides for a flat income tax rate of ten percent for all individuals, estates, and trusts on taxable income exceeding the applicable zero bracket amount.
Provides for a yearly cost-of- living adjustment to the zero bracket amount. Increases the amount of the personal tax exemption to $2,500.
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