legislation: 95-s-3630

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
95-s-3630 95 s 3630 A Bill to amend the Internal Revenue Code of 1954 to provide a counterinflation credit and negative credit on personal income and on business profits, and to provide indirect restraint on prices during the 7-year period beginning in 1979. Taxation 1978-10-15 1978-10-15 Referred to Senate Committee on Finance. Senate Sen. Hart, Gary W. [D-CO] CO D H000287 0 Amends the Internal Revenue Code to allow a "counterinflation" tax credit to businesses which rank among the largest 2,000 firms in the United States in sales and merchandise and to employees of such firms, if the wages paid by such firms in any taxable year are lower than the wage increase target rate prescribed by the Secretary of the Treasury. Requires the imposition of an additional tax (negative credit) upon firms which increase wages in excess of the target rate. Specifies the allowable amount of the counterinflation credit and the negative credit. Imposes an additional tax upon the profits of a firm, if such profits represent an increase in taxable income which is greater than the average rate of increase in wages paid by the firm for the taxable year. 2024-08-01T20:11:04Z  

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