A bill to amend the Internal Revenue Code of 1954 to exclude from gross income all dividends received by individuals from domestic corporations and to exclude from gross income interest on certain savings.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income dividend income received by an individual taxpayer from a domestic corporation which is not a tax-exempt organization, real estate investment trust, or a personal holding company. Excludes from an individual taxpayer's gross income, income earned on a savings account on deposit with a bank, savings association, or a credit union. Limits the amount of such exclusion to $500 ($1,000 for joint returns) for a taxable year. Disallows such exclusion for estates and trusts.…