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Kurt Faulhammer

Burch 1 Amendment Vote For Revenue Neutral Corporate Tax Reduction Act

Burch 1 Amendment Vote for Revenue Neutral Corporate Tax Reduction Act  

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  1. 1. Shall the House agree to the amendment proposed?



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Burch I. This amendment breaks corporate taxable income into separate tax brackets. This will lower the tax rate for small businesses as well as large corporations, but mostly to protect small business from closing down in their starting years and years to come if they remain a small business. 

  Quote

SECTION. 2. ACTIONS.

(a) 26 U.S. Code § 11 (a) is amended to read as follows:

"(a) Corporations in general

A 25 percent tax corporate tax is hereby imposed for each taxable year on the taxable income of every corporation as follows:

(1) Corporations with taxable income at $250,000 or less shall have a corporate tax rate of 22%;

(2) Corporations with taxable income at $250,001 to $500,000 shall have a corporate tax rate of 24%;

(3) Corporations with taxable income at $500,001 to $10,000,000 shall have a corporate tax rate of 26%;

(4) Corporations with taxable income at $10,000,001 to $500,000,000 shall have a corporate tax rate of 28%; and

(5) Corporations with taxable income at $500,000,001 or more shall have a corporate tax rate of 30%. 

(b) 26 U.S. Code § 11 (b) is stricken entirely.

(c) 65% cap rate on corporate gross interest deductions

(d) 79% cap rate on corporate gross interest deductions for financial institutions

Edited by Kurt Faulhammer

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