SELF-Tax Plan Act of 1985

[AI summary unavailable — showing source text] SELF-Tax Plan Act of 1985 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to provide lower income tax rates for individuals, estates, and trusts and to reduce the number of tax brackets to four (three for estates and trusts). Imposes a flat tax rate of 30 percent on the taxable income of corporations for the taxable year. Subtitle B: Repeals and Changes Related to Reduction in Rates - Repeals: (1) the tax tables for individuals; (2) the minimum tax for tax preferences; (3) the surplus accumulation rules for corporations; (4) the personal holding company rules; and (5) the graduated corporate tax rates. Applies the trust throwback rules only to foreign trusts. Disallows a taxpayer who was a student during the base period from using the income averaging provisions in determining their tax liability. Title II: Base Broadening - Subtitle A: Credits - Repeals the tax credits for: (1) household and dependent care; (2) the elderly and permanently and totally disabled; (3) residential energy; (4) contributions to candidates for public office; (5) possessions; (6) clinical testing expenses for certain drugs; (7) …