Economic Recovery and Sustained Growth Act

[AI summary unavailable — showing source text] Economic Recovery and Sustained Growth Act - Title I: Short Title - States that this Act may be cited as the "Economic Recovery and Sustained Growth Act. Title II: Tax Reform - Amends the Internal Revenue Code to allow the exclusion from gross income of amounts up to $100 received as interest from savings deposits. Provides that no gain or loss shall be recognized for income tax purposes on the sale or exchange of securities or bonds issued by a corporation to the extent that the proceeds from such sale or the value of the securities or bonds exchanged is applied against the purchase of securities or bonds issued by any other corporation. Computes the basis of such purchased bonds or securities from the basis in the securities or bonds sold or exchanged plus any additional consideration paid, or minus whatever additional consideration received. Allows domestic corporations to deduct all dividends paid to shareholders. Requires a preliminary adjustment to property basis by adding an amount equal to the difference between the property's basis multiplied by the price index for the year in which the property was acquired, or for calendar year 1975, whichever is earlier, and the propert…