[Omit the part struck through or enclosed in boldface brackets and insert the part printed in italic] AN ACT To amend the Internal Revenue Code of 1954 to reduce individual and corporate income taxes, to make certain structural changes with respect to the income tax, and for other purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 SECTION 1 DECLARATION BY CONGRESS. 4 It is the sense of Congress that the tax reduction pro5 vided by this Act through stimulation of the economy, will, 6 after a brief transitional period, raise (rather than lower) 7 revenues and that such revenue increases should first be 8 used to eliminate the deficits in the administrative budgets 1 and then to reduce the publie debt. To further the objective 2 of obtaining balanced budgets in the near future, Congress 3 by this action, recognizes the importance of taking all reason4 able means to restrain Government spending and urges the 5 President to declare his accord with this objective. 6 SEC. 2 SECTION 1. SHORT TITLE, ETC. 7 (a) SHORT TITLE.-This Act may be cited as the 8 "Revenue Act of 1963 1964". 9 (b) AMENDMENT OF 1954 CODE.-Except as otherwise 10 expressly provided, whenever in this Act an amendment or 11 repeal is expressed in terms of an amendment to, or repeal 12 of, a section or other provision, the reference shall be con13 sidered to be made to a section or other provision of the 14 Internal Revenue Code of 1954. 15 Title I-Reduction Of Income Tax Rates And Related Amendments 16 17 PART I-INDIVIDUALS 18 SEC. 111. REDUCTION OF TAX ON INDIVIDUALS. 19 (a) INDIVIDUALS OTHER THAN HEADS OF HOUSE 20 HOLDS.-Subsection (a) of section 1 (relating to rates of tax 21 on individuals other than heads of households) is amended 22 to read as follows: "(a) RATES OF TAX ON INDIVIDUALS.— "(1) TAXABLE YEARS BEGINNING IN 1964.-In the case of a taxable year beginning on or after January 1 2 3 4 5 1, 1964, and before January 1, 1965, there is hereby imposed on the taxable income of every individual (other than a head of a household to whom subsection (b) ap plies) a tax determined in accordance with the following table: "If the taxable income is: Not over $500‒‒‒‒ Over $500 but not over $1,000___ The tax is: 16% of the taxable income. Over $1,000 but not over $1,500 $162.50, plus 17.5% of excess Over $4,000 but not over $6,000 $740, plus 23.5% of excess Over $6,000 but not over $8,000 Over $18,000 but not over $20,000-- Over $20,000 but not over $22,000--- Over $26,000 but not over $32,000 over $4,000. $1,210, plus 27% of excess over $6,000. $1,750, plus 30.5% of excess over $8,000. $2,360, plus 34% of excess over $10,000. $3,040, plus 37.5% of excess over $12,000. $3,790, plus 41% of excess over $14,000. $4,610, plus 44.5% of excess over $16,000. $5,500, plus 47.5% of excess over $18,000. $6,450, plus 50.5% of excess over $20,000. $7,460, plus 53.5% of excess over $22,000. $9,600, plus 56% of excess over $26,000. Over $32,000 but not over $38,000---- $12,960, plus 58.5% of excess over $32,000. Over $38,000 but not over $44,000 $16,470, plus 61% of excess Over $44,000 but not over $50,000--- Over $50,000 but not over $60,000 -- over $38,000. $20,130, plus 63.5% of excess over $44,000. $23,940, plus 66% of excess over $50,000. Over $60,000 but not over $70,000---- $30,540, plus 68.5% of excess over $60,000. Over $70,000 but not over $80,000--- $37,390, plus 71% of excess over $70,000. |