Cash Flow Income Tax Act of 1985

[AI summary unavailable — showing source text] Cash Flow Income Tax Act of 1985 - Title I: Cash Flow Income Tax - Subtitle A: Cash Flow Income Tax - - Amends the Internal Revenue Code to reduce the tax rates for individuals and the number of tax brackets. Imposes an income tax of 30 percent on the taxable income of an estate or trust in excess of $3,000. Provides for a yearly cost-of-living adjustment for the standard deduction, the dependent credit, and the "ten percent bracket." Repeals: (1) the minimum tax for tax preferences; (2) the accumulated earnings tax; (3) the personal holding company tax; (4) the foreign personal holding company tax; and (5) the dividend paid deduction. Imposes a 30 percent income tax on the taxable income of every corporation. Provides that such tax shall be equal to at least 30 percent of the accumulated surplus of a corporation. Revises the definitions of "taxable income," "adjusted gross income," "net income," and "gross income." Provides that the standard deduction shall be $8,000 in the case of a joint return ($4,000 for single individuals or married filing separately). Sets forth restrictions on the availability of the standard deduction. Provides for an unlimited carryforward of any negative…