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1 Federal Tax Program Evaluator [1] (1980)

handle is hein.tera/ftaxamor0002 and id is 1 raw text is: F EDEIR AL1 oTAX P ROGRA M E VALUATOR Analysis of Proposed Federal Tax Legislation and Major Programs Affecting the Capital Formation Sector Office of Tax Policy Tax Foundation Incorporated 1875 Connecticut Avenue, N.W. Washington, D.C. 20009 January 25, 1980 Vol.I No.1 PERSONAL SAVINGS INCENTIVES In late January the House Ways and Means Committee will hold hearings on tax incentives for personal savings--a subject of gathering interest and numerous bills pending before the Committee. The first Federal Tax Program Evaluator analyzes four distinct approaches to encouraging growth of individual savings as represented by: 1. An interest and increased dividend exclusion (Senate Amendment to H.R. 3919). 2. A tax-free rollover for savings (H.R. 5779, S. 1964). 3. A reduction in the top marginal tax rate to 50% (no separate bill). 4. A tax credit for incremental savings (H.R. 169). 1. Exclusion of Interest and Dividends--Senate floor amendment to H.R. 3919, The Crude Oil Windfall Profits Tax Act of 1979, by Senator Lloyd Bentsen (D-TX). Adopted 94 to 4. Objective: To reduce the tax burden on interest and dividend income and to encourage additional savings and investment by individuals. Description of the Measure: The amendment permits individual taxpayers to exclude $200 ($400 on a joint return) of interest income and $200 ($400 on a joint return) of dividend income from taxable gross income provided the interest income:is received from qualified domestic sources and the dividend income is received from a domestic corporation. Qualified interest income includes: 1) interest or dividends received on a deposit in a banking or thrift institution that is insured and supervised or regulated by federal or state law or is protected by state law; 2) in- terest received from financial institutions and financial intermediaries; 3) interest from registered obligations issued by domestic corporations; and 4) taxable interest received from a governmental unit or agency.

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