Fair and Simple Tax Act of 1984

[AI summary unavailable — showing source text] Fair and Simple Tax Act of 1984 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a tax rate of 25 percent on the taxable income of every individual. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000 and a tax rate of 30 percent on corporate income exceeding $50,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the "zero bracket amount" to $2,700 for single taxpayers and $3,500 for a joint return or surviving spouse. Provides for an annual adjustment in the "zero bracket amount" by a cost-of-living adjustment based on the Consumer Price Index. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion is phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's …