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 nonpersonal service (unearned) income, applying each category to the lowest tax rates initially. Prohibits separate computations in the case of any taxpayer with more than $10,000 in tax preference items.…