A bill to amend the Internal Revenue Code of 1954 to simplify the tax system providing a low rate progressive schedule for individuals and a flat-rate schedule for corporations, and for other purposes.
Self-Tax Plan Act of 1983 - Amends the Internal Revenue Code to provide simplified tax rates for single and married taxpayers.
Imposes a flat tax rate of 25 percent on the income of all corporations.
Repeals all specific exclusions from gross income, all deductions and all credits except the following: (1) the credit for tax withheld on wages; (2) the credit for tax withheld on nonresident aliens; (3) the tax exclusion of gifts and inheritances; and (4) the tax exclusion of the income of States and municipalities.
Establishes the amount of each personal exemption at $1,000.
States that: (1) deductions shall be allowed for business expenses and capital cost recovery; (2) income earned by a trade or business shall be taxed only once; (3) married individuals may file income tax returns separately and be treated in the same manner as single individuals; and (4) no one shall be taxed twice on social security (or other retirement) contributions.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department.
Star Print ordered the bill.
Committee on Finance requested executive comment from OMB, Treasury Department.
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