A bill to amend the Internal Revenue Code of 1954 to provide for a 50-percent maximum rate of income tax for individuals, to provide for a separate computation of such tax on personal service income and nonpersonal service income, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals. Requires separate computation of personal service income and non-personal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any individual with more than $10,000 in tax-preference items.…