[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 85 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 85

 To amend the Internal Revenue Code of 1986 to reduce the maximum rate 
          of tax on the income of corporations to 20 percent.


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                   IN THE SENATE OF THE UNITED STATES

             January 25 (legislative day, January 5), 2011

  Mr. Johanns introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to reduce the maximum rate 
          of tax on the income of corporations to 20 percent.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring America's Competitiveness 
in Enterprise (RACE) Act of 2011''.

SEC. 2. REDUCTION IN CORPORATE TAX RATE.

    (a) In General.--Subsection (b) of section 11 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(b) Amount of Tax.--The amount of tax imposed by subsection (a) 
shall be the sum of--
            ``(1) 15 percent of so much of the taxable income as does 
        not exceed $50,000, and
            ``(2) 20 percent of so much of the taxable income as 
        exceeds $50,000.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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