A bill to repeal the provisions of the Tax Equity and Fiscal Responsibility Act of 1982 relating to withholding on interest and dividends, to amend the Internal Revenue Code of 1954 to require additional information in statements required to be furnished to persons receiving interest or dividends and to increase the amounts of the additions to tax for failure to report, or pay the tax on, income in the form of interest and dividends, and for other purposes.

Repeals provisions of the Tax Equity and Fiscal Responsibility Act of 1982 which require the withholding of tax on interest and dividends.

Amends the Internal Revenue Code to specify additional information which must be included in statements furnished to taxpayers who receive interest or dividend payments.

Increases additions to tax and penalties for failure to report interest and dividend income and to pay the tax on such income.

Requires the Secretary of the Treasury to modify income tax forms to provide for the separate listing of tax-exempt interest or dividend income. Directs the Secretary to prescribe regulations requiring taxpayers to attach statements of interest and dividend income to their tax returns.

Permits the Secretary of the Treasury to correct tax returns which show a different amount of interest or dividend income than that reported by the payor of such income and to assess any resulting tax deficiency.