A bill to require amendment of the Internal Revenue Code of 1954 to provide a simple income tax with low marginal rates and to require the Secretary of the Treasury to propose legislation to establish such an income tax.

[AI summary unavailable — showing source text] Requires that the Internal Revenue Code be amended to provide that after 1985 all income should be taxed at a rate of 20 percent or less. Sets forth guidelines for a new income tax scheme. Requires the Secretary of the Treasury to propose legislation to implement this Act.…